Net Direct Tax Mop-up Rises 9 Percent at 3.46 Lakh Crore in Apr-Jan

Bangalore: The net direct tax collection has increased by 9.28 percent to 3.46 lakh crore in the April-January period mainly on account higher realisation of personal income tax and corporate tax. The government, however, may miss the full year direct tax collection target of 5.32 lakh crore which envisaged a growth of 19 percent over the last year.

The net direct tax collection was 3.17 lakh crore in the 10 month period of the 2010-11 fiscal, the Central Board of Direct Taxes (CBDT) said in a statement. The gross direct tax colleciton during the April-January period, however, was up by 14.57 percent at 4.25 lakh crore. It was 3.71 lakh crore in the corresponding period a year ago.

As per the official data, gross corporate tax collection was up 12 percent at Rs 2.85 lakh crore in April-January from Rs 2.55 lakh crore in same period in the previous fiscal. The personal income tax collection in the 10 month period of the current fiscal was up by 20.43 percent at Rs 1.38 lakh crore. The growth in wealth tax was 45.11 percent at 682 crore against 470 crore collected last year.

Amid volatility in the stock market, the securities transaction tax (STT) declined by 27.19 percent at 4,145 crore. The STT mop-up was 5,693 crore in the year-ago period. With only two months of the fiscal remaining, the government will have to add 1.86 lakh crore to its tax kitty to meet its budget estimates, which experts say is a tough task.