Net direct tax collections up 6.4% in Q1

The Centre’s net direct tax collections recorded 6.44 per cent increase to Rs 89,705 crore (Rs 84,274 crore) during April-June this fiscal.

This collection growth rate is substantially lower than the 47 per cent increase seen in net direct tax collections in the same quarter last year.

However, the picture is better this fiscal on the gross direct taxes collections front.

During the first quarter, gross direct tax collections grew 11.52 per cent to Rs 1,23,993 crore (Rs 1,11,183 crore). Last fiscal, the gross direct tax collections recorded 6.77 per cent growth in the first quarter.

Corporate tax collections recorded 7.82 per cent growth to Rs 76,115 crore (Rs 70,594 crore). On the other hand, personal income-tax collections grew 18.53 per cent in the first quarter to Rs 46,903 crore (Rs 39,569 crore).

Securities transaction tax (STT) collections declined to Rs 926 crore (Rs 952 crore), while wealth tax collections grew 50 per cent to Rs 48 crore (Rs 32 crore).

Source: http://www.thehindubusinessline.com/economy/net-direct-tax-collections-up-64-in-q1/article4901377.ece