Tax mop-up up 14.43% in Apr-Aug at Rs 1.88 lakh cr

Written by Press Trust of India | New Delhi | Updated: Sep 6 2013, 03:17am hrs
Amid a slowing economy, the gross direct tax collections rose by 14.43 per cent to Rs 1.88 lakh crore during the April-August period of 2013-14 fiscal.

The collections totalled Rs 1.64 lakh crore in the same period of the previous fiscal, 2012-13.

The government has fixed a direct tax collection target of over Rs 6.68 lakh crore for the current fiscal, envisaging a growth of 19 per cent from Rs 5.65 lakh crore in the previous fiscal.

While corporate tax collection has grown by just about 12 per cent in view of slow down in economic activity, personal income tax has seen a jump of about 19 per cent.

Gross collection of corporate taxes increased 11.72 per cent to Rs 1,08,075 crore during April-August, 2013-14 from Rs 96,738 crore a year earlier, the Finance Ministry said in a statement today.

Gross collection of personal income tax was up by 18.91 per cent to Rs 78,187 crore in the first five months of this fiscal, from Rs 65,752 crore in the year-ago period.

Net direct tax collections rose 15.42 per cent to Rs 1,43,138 crore during April-August, as against Rs 1,24,019 crore in the year-ago period, according to the statement.

Securities Transaction Tax or STT mop-up stands at Rs 1,649 crore.

Wealth tax collection posted a growth of 24.44 per cent to Rs 280 crore, from Rs 225 crore.