Millennium Post

Direct tax revenues up 13% in first 9 months of this fiscal

The growth rate of direct tax collections, however, is still short of annual target of 16 per cent. During the April- December period of last fiscal, the government had collected Rs 4.84 lakh crore. As per the Budget 2014-15, the revenue mop up from direct tax is targeted at Rs 7.36 lakh crore for the current fiscal.

During the nine month period, corporate tax collection grew by 12.79 per cent at Rs 3.50 lakh crore. It was Rs 3.10 lakh crore during the corresponding period of last fiscal. Similarly, the personal Income Tax collection, was up by 12.62 per cent, at Rs 1.90 lakh crore in the April-December period as against Rs 1.69 lakh crore in the same period last year. Securities Transaction Tax (STT) collection surged by 43.44 per cent at Rs 4,940 crore in the nine-month period due to buoyancy in the stock market.

The net direct tax collection rose at a lower pace of 7.41 per cent to about Rs 4.48 lakh crore, as against Rs 4.17 lakh crore in the same period last year, primarily on account of higher refunds. Finance Minister Arun Jaitley has been talking about large number of refunds being given out by the Tax authorities.

Forex reserves rise by $2.66 bn in a week to record $322-bn high

India's foreign exchange reserves jumped by a massive $2.66 billion to touch all-time high of $322.135 billion in the week ended January 16, on account of surge in foreign currency assets, RBI said on Friday. The reserves had surged by $236.4 million to $ 319.475 billion in the previous week.

The previous life-time high for the reserves was $320.79 billion, way back in the week to September 2, 2011. The foreign currency assets (FCAs), a major constituent of overall reserves, jumped $2.685 billion to $297.53 billion in the reporting week, as per the Reserve Bank data.

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