Net direct tax receipts in April-January of the current financial year rose 6.21%, roughly half the pace at which collections grew at the gross level, to Rs 4.74 lakh crore mainly on account of clearing the heavy backlog of tax refunds of the previous year.
The tax department collected a gross Rs 5.78 lakh crore of taxes on corporate income, personal income and securities transactions in the April-January period, 11.38% more than what it had collected in the same period a year ago, said the department in a release.
The government has already exceeded its budgeted fiscal deficit target of Rs 5.31 lakh crore by December end despite policymakers’ assertion that the gap between receipts and spending would be limited at 4.1% of GDP this fiscal.
Gross collection of corporate tax rose 11% to Rs. 3.64 lakh crore in the first 10 months of this fiscal from a year ago. Gross personal income tax collection rose by 11.32% in the period under review to Rs.2.07 lakh crore from a year ago.
The department collected Rs 5,556 crore as Securities Transaction Tax (STT) in the period under review, recording a growth of 44.12%.
Income tax collected in the form of advance tax grew 13.26% during the April-January period compared to growth of 8.71% in the same period a year ago.