Direct tax collection up 10.67% in 11 months of current fiscal

Tribune News Service

New Delhi, March 5

Direct tax collection rose by 10.67% 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% increase in direct tax collection 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 per cent.
During the 11-month period, corporate tax collection grew by 9.99% 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 11.10% 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% at Rs 6,280 crore in the 11-month period due to buoyancy in the stock market.