Net Direct Tax Collection increased by 13.7% till 20 December of FY 2013-14
The net direct tax collection increased by 13.7% to reach 4.12 lakh crore rupees till December 20, 2013 of the current fiscal year 2013-14.
The net direct tax collection increased by 13.7% to reach 4.12 lakh crore rupees till December 20, 2013 of the current fiscal year 2013-14. During the same period in 2012-13, the net direct tax collections had totalled 3.63 lakh crore rupee.
The increase in net direct tax collection has come despite a slowdown in the economy, according to data released by Ministry of Finance on 21 December 2013.
The government in Union Budget 2013-14 had fixed a target of over 6.68 lakh crore rupees for the current fiscal as against 5.65 lakh crore rupees in 2012-13. That is the government envisaged a growth of 19 per cent in direct tax collection in the fiscal year 2013-14.
Out of above net collection, contribution by way of advance tax increased by 8.8% to 202626 crore rupees.
The collection of corporate taxes increased 10.2% to 260752 crore rupee against 236580 crore rupee in the same period last year.
Advance tax collection from corporates rose by 8.4 per cent to 176935 crore rupee as compared to the same period last year.
Personal income tax collection was up by 20.5 per cent to 147987 crore rupee from 122818 crore rupee in the corresponding period last year.
Securities Transaction Tax (STT) mop-up stood at 3427 crore rupee. STT is levied on every purchase or sale of securities that are listed on the Indian stock exchanges.
Wealth tax collection up to stood at 752 crore rupee.