New Delhi: Direct tax collections increased by 11.38 percent to Rs 5.78 lakh crore during the April-January period of current financial year.
The government had collected Rs 5.19 lakh crore in direct taxes during the April-January period of last fiscal, the Finance Ministry said in a statement.
As per the Budget 2014-15, the revenue from direct tax is targeted at Rs 7.36 lakh crore for current fiscal, a growth rate of 16 percent over previous fiscal.
During the ten-month period, corporate tax collections grew by 11.04 percent at Rs 3.64 lakh crore as against Rs 3.28 lakh crore during the same period last fiscal.
The personal income tax collections were up by 11.32 percent at Rs 2.07 lakh crore in April-January as against Rs 1.86 lakh crore in the same period last year.
The Securities Transaction Tax (STT) collections surged by 44.12 percent at Rs 5,556 crore in the said period due to buoyancy in the stock market.
The net direct tax collection rose at a lower pace of 6.21 percent to about Rs 4.74 lakh crore, as against Rs 4.46 lakh crore in the same period last year, primarily on account of higher refunds, the statement said.
Advance tax collections have shown a higher growth rate of 13.26 percent during April-January period of 2014-15 as against growth of 8.71 percent shown at the same period of previous year.
Growth in Tax Deducted at Source (TDS) is 7.79 percent as against 16.65 percent in the same period last year.
The Self-Assessment Tax showed a growth of 22.22 percent as against 10.94 percent in the same period last year.
The growth in Regular Tax is 17.25 percent as against 24.14 percent in the same period last year.
In the current fiscal, the government aims to collect over Rs 13.6 lakh crore as tax revenue, which requires 16 percent growth in direct taxes and 20 percent growth in indirect taxes to meet the target.
