Direct tax collection rises 6.7% to Rs 1.11 lakh crore in Apr-Jun
The gross direct tax collections during April-June quarter this fiscal increased marginally by 6.77 percent to Rs 1.11 lakh crore due to slowdown in economic activities.
New Delhi: The gross direct tax collections during April-June quarter this fiscal increased marginally by 6.77 percent to Rs 1.11 lakh crore due to slowdown in economic activities.
The direct tax collection -- comprising corporation tax, personal income tax and wealth tax -- was Rs 1.04 lakh crore in the first quarter of 2011-12.
However, the net tax collection in the first three months showed a jump of 47 percent in the first quarter on account of lesser refunds compared to last year, a finance ministry official said.
The net mop-up was Rs 84,273 crore during the period against Rs 57,267 crore in the corresponding three months of last fiscal.
The refund in April-June period was Rs 26,909 crore, down 42 percent from Rs 46,868 crore in the same period last year.
The government has said that tax refunds are likely to be lower this fiscal as compared to about Rs 95,000 crore in 2011-12.
For the current fiscal, the government has set a direct tax collection target of Rs 5.7 lakh crore, which is about 15.2 percent more than the actual collection of Rs 4.95 lakh crore in the previous fiscal.
April industrial production measured on IIP slumped to 0.1 percent in April year-on-year as 10 of the 22 segments, including capital goods and mining, posted negative growth as the country grapples with global slowdown and subdued domestic demand. The IIP had grown by 5.3 percent in April 2011.
The government is confident that the target would be achieved on the back of good performance from sectors including, consumer goods, software, cement and oil companies.
Direct tax comprise corporate tax, personal income tax, wealth tax and security transaction tax.