Gross direct tax receipts jump 10.66% in H1

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SummaryLower-than-expected growth in direct tax receipts is in line with slowdown in economic growth rate.

Gross direct tax collections in the first half of the fiscal rose 10.66% to Rs 3.01 lakh crore from a year ago, but fell short of the 18% jump for the full year forecast in April.

The lower-than-expected growth in direct tax receipts was in line with the slowdown in the economic growth rate as indicated by the 4.4% expansion in the first quarter.

The income-tax department had collected Rs.2.72 lakh crore of gross direct taxes in the April-September period a year ago.

Net direct tax collection rose 10.72% to Rs 2.5 lakh crore in the April-September period. Gross corporate tax collection rose 7.93% to Rs 1.92 lakh crore, while gross personal income-tax receipts grew 16.15% to Rs1.06 lakh crore in the first six months of the fiscal, finance ministry stated here on Tuesday.

The department had collected Rs 1.78 lakh crore of gross corporate tax and Rs 91,463 crore of gross personal income tax in the same period last year.

The department also collected Securities Transaction Tax (STT) of Rs 2,210 crore during the April-September period this year, showing the growth of 6.45%.

Wealth Tax collection rose 5.27% during the period to Rs 499 crore.

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