Direct tax collection up 11.58 per cent in April-October at Rs 3.37 lakh crore

Amid a slowing economy, gross direct tax collection has risen by 11.58 per cent to Rs 3.37 lakh crore during the April-October period of fiscal year 2013-14 (FY14), according to official data.

 

The collections had totalled Rs 3.02 lakh crore during the first seven months of the previous fiscal year (FY13).

 

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.

 

Gross collection of corporate taxes increased 8.23 per cent to Rs 2,09,622 crore during April-October, up from Rs 1,93,679 crore in the year-ago period, the Finance Ministry said in a statement on Wednesday.

 

Gross collection of personal income tax rose 17.89 per cent to Rs 1,25,078 crore in the first seven months of FY14, from Rs 1,06,097 crore in the corresponding period a year ago.

 

Net direct tax collections rose 13.33 per cent to Rs 2,84,339 crore during April-October, as against Rs 2,50,900 crore in the year-ago period, the statement added.

 

Securities transaction tax (STT) mop-up stood at Rs 2,645 crore.

 

Wealth tax collection posted a growth of 5.86 per cent to Rs 560 crore, from Rs 529 crore.