Direct tax collection up 13% at Rs 3.68 lakh cr

Amid slowing economy, the gross direct tax collection has risen only by 13.18 per cent to Rs 3.68 lakh crore during the April-November period of 2013-14 fiscal.

The collections had totalled Rs 3.25 lakh crore during the first eight months of the 2012-13 fiscal.

Net direct tax collections rose 14.60 per cent to Rs 3,10,317 crore (Rs 3.10 trillion)during April-November, as against Rs 2,70,771 crore (Rs 2.7 trillion) in the year-ago period, the Finance Ministry said in a statement.

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 9.66 per cent to Rs 2,25,124 crore (Rs 2.25 trillion) during April-November, up from Rs 2,05,291 crore (Rs 2.05 trillion) in the year-ago period, the Finance Ministry said in a statement.

Gross collection of personal income tax was up by 19.60 per cent to Rs 1,39,763 crore (Rs 1.39 trillion) in the first eight months of this fiscal, from Rs 1,16,862 crore in the year-ago period.

Securities Transaction Tax or STT mop-up stands at Rs 3,053 crore. Wealth tax collection posted a growth of 13.38 per cent to Rs 712 crore (Rs 7.12 billion), from Rs 628 crore (Rs 6.28 billion).