Gross direct tax collection up 8% in Apr-Dec
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 percent to Rs 4.28 lakh crore.
New Delhi: 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 percent to Rs 4.28 lakh crore.
"Gross direct tax collections during April-December of the financial year 2012-13 was up by 8.01 percent and stood at Rs 4,28,278 crore as against Rs 3,96,530 crore 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 percent as the gross collection from the segment increased to Rs 1,44,376 crore. During April-December 2011-12, the mop was Rs 1,26,012 crore.
Gross collection of corporate taxes showed an increase of 4.94 percent at Rs 2,83,170 crore as against Rs 2,69,850 crore in the same period last year.
The growth in net collection of wealth tax was 1.55 percent at Rs 656 crore as against Rs 646 crore 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 during April-December of the fiscal as against Rs 3,763 crore year-on-year.
Despite slowdown in economic activities, the government had said it is confident of meeting the Rs 5.7 lakh-crore 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 percent and stood at Rs 3,68,322 crore, as compared to Rs 3,23,956 crore 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.