Finance minister P Chidambaram had on Monday said that tax collections would pick up in the second half of the year. Advance tax payment is due on December 15. Then the service tax Voluntary Compliance Encouragement Scheme will come to an end in December (when half of the declared dues have to be paid). We also have the next advance tax payment due on March 15. Tax receipts are always higher in the second half of the fiscal. That is the pattern, the minister had said.
The revenue department had received R3.2 lakh crore gross direct tax receipts and R2.7 lakh crore net direct taxes in the first eight months of 2012-13.
Gross collection of corporate taxes grew 9.6% to R2.2 lakh crore while gross collection of personal income tax rose by 19.6% to R1.39 lakh crore. Securities Transaction Tax collections stood at R3,053 crore, showing a growth of 4.7%, while Wealth Tax receipts rose 13.3% to R712 crore.