Net direct tax collection in April-November 2013-14 increased by 14.60% to Rs 3,10,317 crore, compared with Rs 2, 70,771 crore in the corresponding months of the previous year.
Gross direct tax collection (before payment of income tax refunds) during April-November this year went up by 13.18% to Rs 3,68,655 crore, against Rs 3,25,736 crore in the year ago period.
Gross collection of corporation tax showed an increase of 9.66% to Rs 2,25,124 crore in the eight-month period this year, compared with Rs 2,05,291 crore in the same period of 2012-13.
Gross collection of personal income tax was up by 19.60% to Rs 1,39,763 crore, against Rs 1,16,862 crore in the same months last year, the finance ministry said in a statement today.
Collection of Securities Transaction Tax (STT) stood at Rs 3,053 crore, showing a growth of 4.73%. Revenue from levy of wealth tax posted a growth of 13.38% to Rs 712 crore, against Rs 628 crore in the corresponding period of 2012-13.
The government has set direct tax collection target of Rs 6,68,108 crore for 2013-14, against Rs 5,65,835 crore in 2012-13. The collections had fallen short of the target by about Rs 5,000 crore last year.
Direct tax collections had increased by 13.33% to Rs 2,84,339 crore in April-September this year. Finance ministry officials say though there has been a pick-up in tax collections, meeting the Budget target would still be difficult considering a slower-than-expected growth in the economy.
India’s GDP is expected to rise by around 5% this year. It grew by a decade low of 5% in 2012-13. In the first quarter of the current financial year (April-June 2013-14) it grew by 4.4%, lowest in four years. The growth was higher at 4.8% in the second quarter (July-September) led by a mild upturn in industry and a sharp pick-up in agriculture.
Source:http://www.business-standard.com/article/economy-policy/net-direct-tax-collections-up-14-6-in-apr-nov-113120500858_1.html
No comments:
Post a Comment