Tax collection up by 25 pc in Apr-Aug period

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SummaryNet direct tax collections dropped 3.37% to Rs 96,738 cr during first five months due to higher refunds.

The gross tax collection rose by 25 per cent to Rs 2.92 lakh crore during the April-August period of the current financial year. The gross direct tax collection rose to Rs 1,54,360 crore during the first five months of the current fiscal, up by 25.89 pr cent from Rs 1,22,618 crore in the corresponding period a year ago, an official statement said.

Direct taxes comprises mainly corporate tax and income tax.

The net direct tax collections, however, dropped 3.37 per cent to Rs 96,738 crore during the first five months due to higher refunds. The net direct tax collection was Rs 1,00,113 crore in the same period last fiscal. Tax refunds rose a robust 156.04 per cent to Rs 57,622 crore during this period, pulling down net direct tax collections.

In case of indirect taxes, which mainly include customs, excise and service tax, the collection worked out to be over Rs 1.37 lakh crore in the April-August period, up by 23.6 per cent from 1.11 lakh crore in the year ago period, according to finance ministry sources.

The customs collection saw a decline of 6.7 per cent in August to Rs 10,120 crore. The decline is mainly on account of reduction in duty on petroleum products announced by the government in June to partly offset the impact of price hike on diesel, cooking gas and kerosene on common men.

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