New Delhi: Collection from direct taxes rose by 10.67 percent to Rs 6.12 lakh crore in the first 11 months of the current financial year in line with the revised Budget projections.
During the April-February period of the last fiscal, the government had collected Rs 5.53 lakh crore under this head.
As per the Budget for 2014-15, the revenue mop up from direct taxes was targeted at Rs 7.36 lakh crore. It was, however, revised downwards to 7.05 lakh crore as per the revised estimate in the Budget for 2015-16.
Thus, as per the revised estimates, government expects a 10.5 percent increase in direct tax collections over the previous fiscal which was Rs 6.38 lakh crore.
As per the Budget estimate for 2014-15, the growth expected in direct tax mop-up was pegged at 16 percent.
During the 11-month period, corporate tax collection grew by 9.99 percent at Rs 3.79 lakh crore. It was Rs 3.45 lakh crore during the corresponding period of last fiscal.
Similarly, the personal Income Tax collection, was up by 11.10 percent, at Rs 2.25 lakh crore in the April-February period as against Rs 2.02 lakh crore in the same period last year.
Securities Transaction Tax (STT) collection surged by 45.44 percent at Rs 6,280 crore in the 11-month period due to buoyancy in the stock market.
The net direct tax collection rose at a lower pace of 6.88 percent to about Rs 5.06 lakh crore, as against Rs 4.74 lakh crore in the same period last year, primarily on account of higher refunds.
Finance Minister Arun Jaitley have been talking about large number of refunds being given out by the Tax authorities.
Advance tax collection has shown a growth of 13.41 percent during April-February period 2014-15, as against the growth of 8.67 percent shown at the same time previous year.
Growth in TDS is 7.49 per cent as against 16.69 percent in the same period last year.
The self-assessment tax shows a growth of 22.50 percent as against 9.91 percent in the same period last year. The growth in Regular Tax is 9.09 percent as against 29.97 percent in the same period last year.
For the current fiscal, the government has revised downwards the total tax revenue (including indirect taxes) to Rs 12.51 lakh crore as against the budget estimate of Rs 13.6 lakh crore.
