This is way below the Budget growth projection of 19% for the current financial year
New Delhi : Amid a slowing economy, gross direct tax collections rose 12.33 per cent to Rs 4.81 lakh crore during the first nine months of this financial year. This is way below the Budget growth projection of 19% for the current financial year ending March.
The government had set a direct tax collection target of over Rs 6.68 lakh crore for 2013-14, envisaging a growth of 19 per cent from Rs 5.65 lakh crore in 2012-13.
Direct tax collections totalled Rs 4.29 lakh crore during the April-December period in 2012-13. Net direct tax collections rose 12.53% to Rs 4.15 lakh crore during the period this year, compared with Rs 3.69 lakh crore in the year-ago period, the Finance Ministry said on Monday. The net collection is gross collection minus refunds.
The gross collection of corporate taxes increased 9.35 per cent to Rs 3.1 lakh crore from Rs 2.84 lakh crore, the Finance Ministry said. Gross collection of personal income tax was up 18.53 per cent to Rs 1.67 lakh crore in the first nine months from Rs 1.41 lakh crore. The indirect tax collections figures are even worse growing at just 4.9% in Apr-Nov compared with the target of 20.3%. Securities Transaction Tax mop-up stood at Rs 3,427 crore. Wealth tax collection posted a growth of 11.92 per cent to Rs 742 crore from Rs 663 crore.
Meanwhile, Finance Minister P Chidambaram met chief commissioners handling both direct and indirect taxes to take stock of the revenue mop-up.
