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Direct taxes collection has clocked a growth of 15 per cent during the first six months (April-September) of the current fiscal. This growth rate is close to the target set by the Finance Ministry for the entire fiscal.
Tax authorities reported gross direct tax collection in April-September at ₹3.46 lakh crore against ₹3.01 lakh crore collected during the same period last year. The target for full fiscal is ₹7.36 lakh crore, against actual collection of ₹6.38 lakh crore in 2013-14.
Finance Minister Arun Jaitley is hopeful of surpassing the direct taxes target for the current financial year.
The authorities also said that gross collection of corporate tax registered an increase of 15.31 per cent at ₹2.23 lakh crore, against ₹1.93 lakh crore. Gross collection of personal income tax, including securities transaction tax (STT) and wealth tax, is up by 14.37 per cent at ₹1.24 lakh crore, against ₹1.08 lakh crore collected during the same period last year. STT stands at ₹3,223 crore, up 45.83 per cent. After deducting refund, net direct tax collection is up by 7.09 per cent at ₹2.69 lakh crore (₹2.51 lakh crore).
Advance tax collection has grown by 15.28 per cent during the first half of the year (7.66 per cent). Growth in tax deducted at source is 9.47 per cent (14.22 per cent).
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