Direct Tax collections up 13% in April-Dec

Gross direct tax collections – including tax on personal and corporate incomes – from April to December of financial year 2014-15 are up by 12.93 per cent at Rs. 5,46,661 crore as against Rs. 4,84,063 crore collected during the same period in 2014.

The rate of growth of the collections is just a tad short of the 15-per cent target the Finance Ministry set in the Budget for the whole year.

However, the growth rate of net direct tax collections was nearly half at 7.41 per cent, according to an official release issued on Friday. Net collections during the period from April to December of financial year 2014-15 were Rs. 4, 48,401 crore against Rs. 4,17,477 crore in the same period in the last fiscal.

Gross collection of corporate tax rose 12.79 per cent to Rs. 3, 50,494 crore against Rs. 3, 10,754 crore collected during the same period last year. Gross collection of personal income tax is up 12.62 per cent to Rs.1,90,391 crore against Rs.1,69,059 crore. Collection of the Securities Transaction Tax (STT) at Rs. 4940 crore grew 43.44 per cent.

Advance tax collection growth was 13.15 per cent against 8.76 per cent. Growth in the Tax Deducted at Source was 7.84 per cent as against 16.73 per cent in the same period last year.

Self-assessment tax grew 22.20 per cent against 11.86 per cent. Regular tax growth was 33.03 against 15.60 per cent.