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Rediff News  All News  » Business » Gross direct tax collection up 8% in Apr-Dec

Gross direct tax collection up 8% in Apr-Dec

January 04, 2013 19:45 IST

Led by healthy growth in personal income tax collection, the gross direct tax collection in the nine months till December of the current fiscal increased by 8.01 per cent to Rs 4.28 lakh crore (Rs 4.28 trillion).

"Gross direct tax collections during April-December of the financial year 2012-13 was up by 8.01 percent and stood at Rs 428,278 crore as against Rs 396,530 crore (Rs 3.96 trillion) in the same period last year," the finance ministry said in a statement.

The personal income tax collection grew at a healthy rate of 14.57 per cent as the gross collection from the segment increased to Rs 144,376 crore (Rs 1.44 trillion). During April-December 2011-12, the mop was Rs 126,012 crore (Rs 1.26 trillion).

Gross collection of corporate taxes showed an increase of 4.94 per cent at Rs 283,170 crore (Rs 2.83 trillion) as against Rs 269,850 crore (Rs 2.69 trillion) in the same period last year.

The growth in net collection of wealth tax was 1.55 per cent at Rs 656 crore (Rs 6.56 billion) as against Rs 646 crore (Rs 6.46 billion)

during the same period last year.

However, the net Securities Transaction Tax (STT) collection declined by 12.46 per cent to Rs 3,294 crore (Rs 32.94 billion) during April-December of the fiscal as against Rs 3,763 crore (Rs 37.63 billion) year-on-year.

Despite slowdown in economic activities, the government had said it is confident of meeting the Rs 5.7 lakh-crore (Rs 5.7 trillion) direct tax target for the fiscal. Direct taxes include income tax, corporate tax and wealth tax.

The statement said the net direct tax collections (gross minus refunds) was up by 13.7 per cent and stood at Rs 368,322 crore (Rs 3.68 trillion), as compared to Rs 323,956 crore (Rs 3.23 trillion) in the same period in the last fiscal.

Faced with widening fiscal deficit, the government had earlier issued stern warning to tax evaders and has asked them to disclose their correct income and pay advance tax by due date or be prepared to face action.

The government has also warned evaders of excise, customs and service tax to pay their dues or face penal action which could include arrest, prosecution and property attachment.

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