Millennium Post
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Direct tax collection up 3.6% in April-May

The gross direct tax collection grew marginally by 3.62 per cent to Rs 52,232 crore in the first two months of the current fiscal.

The gross realisation from direct tax in April and May 2011 was Rs 50,407 crore. Net direct tax collections, however, were significantly up at Rs 35,323 crore during April-May of 2012-13 from Rs 12,956 crore in the year-ago period, according to a finance ministry statement.

‘This upward surge in net collections was due to declined in refunds by [-] 54.85 per cent as compared to year ago period,’ the statement said.

The refunds was about Rs 16,900 crore in the two months, significantly lower than the refunds issued in corresponding period of last financial year. The refunds had totalled 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 per cent more than the actual collection of Rs 4.95 lakh crore in the previous fiscal.

The ministry further said gross mop-up of corporate taxes showed a decline of 2.82 per cent during April-May of 2012-13 and totalled Rs 24,329 crore as against Rs 25,035 crore in the same period last fiscal.

On the other hand, gross collection of personal income tax during the months under review was up by 10.02 per cent to Rs 27,884 crore from Rs 25,344 crore year-on-year.

Wealth Tax collection too declined by 16.67 per cent during April-May of 2012-13 to Rs 15 crore. The collection was Rs 18 crore in the same period last year.

However, realisation from Securities Transaction Tax increased by 7.36 per cent to Rs 540 crore from Rs 503 crore in the same period last fiscal.
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