Direct Tax Collection increased by 10.66 Percent to 301250 Crore Rupees

As per the data released by the Union Ministry of Finance, Government of India on 7 October 2013, Gross collection from direct taxes that include personal income tax and corporate taxes, increased by 10.66 percent to 301250 crore rupees in April-September period in 2013 as compared to 272221 crore rupees recorded in the same period in 2012.

Collections from personal income tax increased by 16.15 percent to 106231 crore rupees in the first half of the current financial year as compared to 91463 crore rupees recorded in the same period last year.

However, there was a sluggish increase in corporate taxes due to slowdown in growth that has hit general demands in the country. Gross collections of corporate taxes increased by 7.93 percent to 192308 crore rupees during the period under review.

Net direct tax collection was registered at 250959 crore rupees for the first six months of the current financial year 2013-14 as compared to 226653 crore rupees recorded in the same period last fiscal 2012-13, registering an year-on-year increase of 10.72 percent.

Difference in gross and net tax collection is due to refunds. Wealth tax collection increased by 5.27 percent to 499 crore rupees during the period under review, while the collection of Securities Transaction Tax (STT) dropped by 6.45 percent to 2210 crore rupees.