Millennium Post

Net direct tax collection up 7% to Rs 2.68 trillion in Apr-Sept

Net direct tax collection has risen only 7.09 per cent to Rs 2,68,836 crore in the first six months of the current fiscal. It was Rs 2,51,028 crore in the same period of 2013-14 fiscal, the Finance Ministry said in a statement.

The gross direct tax collection was however up 15 per cent at Rs 3,46,144 crore during the
April-September period of 2014-15 fiscal, as against Rs 3,01,063 crore a year-ago, the statement added. The government has fixed direct tax collection target of over Rs 7,36,221 crore for 2014-15, which is 15 per cent higher than the last fiscal's revised estimates.

Gross collection of corporate taxes increased 15.31 per cent to Rs 2,22,616 crore during April-September, from Rs 1,93,054 crore in the year-ago period, the statement said. Gross collection of Personal Income Tax, including STT and Wealth Tax, was up by 14.37 per cent to Rs 1,23,528 crore in the first six months of the current fiscal, from Rs 1,08,009 crore in the year-ago period.

Advance tax collections have shown a growth of 15.28 per cent during the first half of the year as against the growth of 7.66 per cent shown at the same time previous year, the statement said.
Growth in Tax Deduction at Source (TDS) is 9.47 per cent in April-September of 2014-15 fiscal as against 14.22 per cent in the same period last year.

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