Net Direct Tax Collection Up 7 Per Cent at Rs. 2.68 Lakh Crore in April-September

Net direct tax collection has risen 7.09 per cent to Rs.2,68,836 crore in the first six months of the current fiscal year (2014-15).

It was Rs. 2,51,028 crore in the corresponding period of fiscal year 2013-14, the Finance Ministry said in a statement.

Gross direct tax collection was, however, up 15 per cent at Rs.3,46,144 crore during the period under review as against Rs. 3,01,063 crore a year ago, the statement added.

The government has fixed direct tax collection target of over Rs.7,36,221 crore for 2014-15, which is 15 per cent higher than the revised estimates of the last fiscal year.

Gross collection of corporate taxes increased 15.31 per cent to Rs.2,22,616 crore during April-September from Rs. 1,93,054 crore in the year-ago period, the statement said.

Gross collection of personal income tax, including STT and wealth tax, was up 14.37 per cent at Rs. 1,23,528 crore in the first six months of the current fiscal year from Rs. 1,08,009 crore in the year-ago period.

Advance tax collections have shown a growth of 15.28 per cent during the first half of the year as against the growth of 7.66 per cent shown at the same time previous year, the statement said.

Growth in tax deduction at source (TDS) is 9.47 per cent in April-September of fiscal year 2014-15 as against 14.22 per cent in the same period last year. (PTI-NDTV)