DELHI: India’s direct taxes collection rose to 10.67 percent in the first eleven months of current fiscal year.
During the April-February period of the last fiscal, the government had collected Rs.5.53 lakh crore under this head. As per the budget for 2014-15, the revenue mop up from direct taxes was targeted at Rs.7.36 lakh crore.
It was, however, revised downwards to 7.05 lakh crore as per the revised estimate in the budget for 2015-16. Thus, according to the revised estimates, the government expects a 10.5 per cent increase in direct tax collections over the previous fiscal, which were Rs.6.38 lakh crore.
According to the Budget Estimate for 2014-15, the growth expected in direct tax mop-up was pegged at 16 per cent.
During the 11-month period, corporate tax collections grew by 9.99 per cent at Rs.3.79 lakh crore (Rs.3.45 lakh crore in same period of last fiscal). Similarly, personal income tax collections were up by 11.10 per cent at Rs.2.25 lakh crore (Rs.2.02 lakh crore).
Securities Transaction Tax (STT) collections surged by 45.44 per cent to Rs.6,280 crore in the 11-month period due to buoyancy in the stock market.
Net direct tax collections rose at a lower pace of 6.88 per cent to about Rs.5.06 lakh crore, against Rs.4.74 lakh crore in the same period last year, primarily on account of higher refunds.
