Direct Tax Collection Rises 13 percent in 2011-12

New Delhi: Gross direct tax collection grew by 13.02 percent to 5,90,077 crore in the financial year ended March 31, 2012 as compared to 5,22,104 crore in the previous year, official data showed. The collection of corporate taxes increased by 11.52 percent to 3,96,208 crore, while mop up from personal income tax grew by 16.20 percent to 1,93,042 crore in financial year 2011-12, according to the data released by the finance ministry. Wealth tax collection increased by 14.56 percent to 787 crore. However, collection from Securities Transaction Tax (STT) dropped by 20.95 percent to 5,656 crore in fiscal 2011-12. Due to increased refunds, the growth in net collection was lower. Net direct tax collections during the financial year ended March 31, 2012 stood at 4,94,799 crore, up 10.71 percent from 4,46,935 crore in the previous year.