Net direct tax collections grow 13.7% up to Dec 20

The Centre’s net direct tax collections grew 13.7 per cent up to December 20 in the current fiscal at Rs 4,12,918 crore (Rs 3,63,338 crore).

Corporate tax collections up to December 20 grew 10.2 per cent to Rs 2,60,752 crore (Rs 2,36,580 crore collected to date last year).

On the other hand, personal income tax collections grew 20.5 per cent to Rs 1,47,987 crore (Rs 1,22,818 crore collected to date last year).

While the securities transaction tax, a tax on the trades put through the stock exchanges for the period under review stood at Rs 3,427 crore, wealth tax stood at Rs 752 crore respectively.

ADVANCE TAX

Of the overall net direct collections, contributions by way of advance tax up to the December quarter stood at Rs 2,02,626 crore, reflecting an overall growth of 8.8 per cent.

As much as 49 per cent of the Centre’s net direct tax collections was accounted for by advance tax.

Advance tax collections from corporates grew 8.4 per cent to Rs 1,76,935 crore.

This is better than the 7 per cent growth rate in the same period last year, an official release said.

Advance tax collections under personal income tax stood at Rs 25,686 crore, reflecting a rise of 11.9 per cent up to this quarter.

Source: thehindubusinessline