Direct tax collection up 11.58% in Apr-Oct at Rs 3.37 lakh cr

Nov 06 2013, 19:00 IST
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The government has fixed direct tax collection target of over Rs 6.68 lakh crore for 2013-14 (Reuters) The government has fixed direct tax collection target of over Rs 6.68 lakh crore for 2013-14 (Reuters)
SummaryThe collections had totalled Rs 3.02 lakh crore during the first seven months of the 2012-13

Amid slowing economy, the gross direct tax collection has risen only by 11.58 per cent to Rs 3.37 lakh crore during the April-October period of 2013-14 fiscal.

The collections had totalled Rs 3.02 lakh crore during the first seven months of the 2012-13 fiscal.

The government has fixed direct tax collection target of over Rs 6.68 lakh crore for 2013-14, envisaging a growth of 19 per cent, as against Rs 5.65 lakh crore in 2012-13.

The gross collection of corporate taxes increased 8.23 per cent to Rs 2,09,622 crore during April-October, up from Rs 1,93,679 crore in the year-ago period, the Finance Ministry said in a statement today.

Gross collection of personal income tax was up by 17.89 per cent to Rs 1,25,078 crore in the first seven months of this fiscal, from Rs 1,06,097 crore in the year-ago period.

Net direct tax collections rose 13.33 per cent to Rs 2,84,339 crore during April-October, as against Rs 2,50,900 crore in the year-ago period, according to the statement.

Securities Transaction Tax or STT mop-up stands at Rs 2,645 crore.

Wealth tax collection posted a growth of 5.86 per cent to Rs 560 crore, from Rs 529 crore.

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