Direct Tax Collections Rise 6.59 Percent in April-October

New Delhi: India's direct tax collections grew by 6.59 percent to Rs.302,810 crore in the first seven months of the current financial year, official data showed on November 8.

"Gross direct tax collections during April-October of the current financial year were up by 6.59 percent and stood at Rs.302,810 crore as against Rs.284,081 crore in the same period last year," the finance ministry said in a statement.

Net direct tax collections in the first seven months of the current fiscal grew at a healthy 14.63 percent at Rs.250,866 crore against Rs.218,850 crore the same period of the last financial year.

Gross collections of corporate taxes grew by marginal 2.01 percent to Rs.193,679 crore in the April-October period of the 2012-13 fiscal as compared to Rs.189,872 crore in the corresponding period of last fiscal year.

Gross collections of personal income tax jumped by 15.78 percent to Rs.108,569 crore in the period under review as compared to Rs.93,769 crore in the corresponding period of last year.

Wealth tax collections grew by 25.84 percent to Rs.526 crore in the period under review from Rs.418 crore collected in the corresponding period of 2011-12.

However, collections from securities transaction tax (STT) slumped by 15.42 percent to Rs.2,502 crore from Rs.2,958 crore.

Earlier, Finance Minister P. Chidambaram had said that the I-T (income tax) department will adopt a non-adversarial approach in realising the direct tax target of Rs.5.70 lakh crore for the current fiscal year.

He also added that the collections will improve in the second half of the fiscal and that the government will achieve its target of 15 percent collection growth during 2012-13.