Millennium Post

April-February direct tax receipts rise by 10.67% to Rs 6.12 trillion

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 per cent increase in direct tax collections 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 per cent 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 by 11.10 per cent, 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 per cent at Rs 6,280 crore in the 11-month period due to buoyancy in the stock market. The net direct tax collection rose at a lower pace of 6.88 per cent to about Rs 5.06 lakh crore, as against Rs 4.74 lakh crore in the same period last year, primarily on account of higher refunds. Finance Minister Arun Jaitley have been talking about large number of refunds being given out by the Tax authorities.

Advance tax collection has shown a growth of 13.41 per cent during April-February period 2014-15, as against the growth of 8.67 per cent shown at the same time previous year. Growth in TDS is 7.49 per cent as against 16.69 per cent in the same period last year.

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