Direct tax collections between April 2010 and February 2011 increased 20.75 per cent to Rs. 3,36,177 crore (Rs. 3,361.77 billion), against Rs. 2,78,411 crore (Rs. 2,784.11 billion) in the corresponding period of the previous financial year.With this, net direct tax receipts have reached 75.4 per cent of the revised estimate of Rs. 4,46,000 crore (Rs. 4,460 billion), despite much higher refunds at Rs. 59,602 crore (Rs. 596.02 billion), against Rs. 41,741 crore (Rs. 417.41 billion) in the last year period - an increase of 43 per cent, the finance ministry said in a statement.
Corporate income tax collections grew 24 per cent to Rs. 2,23,612 crore (Rs. 2,236.12 billion), up from Rs. 1,80,318 crore (Rs. 1,803.18 billion) in the first 11 months last year. Personal income tax (including securities transaction tax and residual fringe benefit tax/ banking cash transaction tax) increased by 14.8 per cent to Rs. 1,12,114 crore (Rs. 1,121.14 billion), against Rs. 97,692 crore (Rs. 976.92 billion last year.
Growth in securities transaction tax mop-up was 1.7 per cent, taking the collections to Rs. 6,078 crore (Rs. 60.78 billion), against Rs. 5,975 crore (Rs. 59.75 billion) in the same period of 2009-10.
The government had budgeted an overall tax mop-up of Rs. 7,46,000 crore (Rs. 7,460 billion) in the current financial year, which was later revised to Rs. 7,86,000 crore (Rs. 7,860 billion) in the Budget, tabled in Parliament last month.
Of the total tax collection target, about Rs. 4,46,000 crore (Rs. 4,460 billion) is estimated to come from direct taxes.
To meet the target, the Income Tax Department will have to collect about Rs. 1,00,000 crore (Rs. 1,000 billion) in March. Last year, it mopped up a little over Rs. 1,00,000 crore (Rs. 1,000 billion) in the same month, whereas in the previous two years the collections in March were about Rs. 80,000 crore (Rs. 800 billion).
For 2011-12, the finance ministry has made a budgetary estimate of Rs. 9,32,440 crore (Rs. 9,324.4 billion) from tax revenue.
Of this, about Rs. 5,32,000 crore (Rs. 5,320 billion) is likely to come from direct tax receipts.
