Gross Direct Tax Collection for April-October of 2011-12 Fiscal stood at Rs 284081 crore

According to the Finance Ministry’s statement released in the first week of November 2011, the gross direct tax collection jumped 20.28 per cent during the April-October period of 2011-12 to Rs 284081 crore due to an increase in corporate tax mop-up. The figure was Rs 236176 crore in the same period in 2010-11. The gross tax collection in the first seven months of 2011-12 fiscal is only about 48.5 per cent of the Rs 5.85 lakh crore target for the entire fiscal.

Net direct tax collection for the seven-month  period(April-October) of the fiscal 2011-12 stood at Rs.218850 crore and it marked an increase of a mere 7.1 per cent as compared to the previous fiscal 2010-11 owing to the huge outgo on refunds.

Although the direct revenue garnered during the April-October 2011 was higher than the Rs.236176 crore collected during the same period of 2010-11, the percentage-wise shortfall in collection has been attributed to the ongoing economic slowdown.

However, the gross corporate tax collection was a robust 20.35 per cent higher at Rs.189872 crore during April-October 2011-12 as against Rs.157767 crore mopped up in the same period in 2010. Gross personal income tax collection was up by 20.17 per cent at Rs.93769 crore.

The mop-up by way of wealth tax grew by 10.6 per cent to Rs.418 crore from Rs.378 crore in the same period last fiscal. However, owing to the absence of boom in the stock market during the current fiscal year, collection through securities transaction tax (STT) declined by 17.9 per cent to Rs.2958 crore during April-October period in 2011 as against a mop-up of Rs.3602 crore in the same period in 2010.