Direct tax cache logs robust growth in FY 2014-15

Income and corporate taxes grow 13%

The gross direct tax collection of the Centre rose by nearly 13 per cent in the April-December period and stood at Rs 5.46 lakh crore.The gross tax collection  during the same period last year was only Rs 4.84 lakh crore.

The net direct tax collection, however, rose only 7.41 per cent to Rs 4.48 lakh crore in the April-December period compared with Rs 4.17 lakh crore last fiscal as income tax refunds shot up considerably.

Gross collection of corporate tax increased 12.79 per cent and stood at Rs 3.50 lakh crore as against Rs 3.11 lakh crore collected in the year-ago period, a Central Board of Direct Taxes (CBDT) statement said.

Collection of income tax rose 12.62 per cent to Rs 1.90 lakh crore during the nine-month period compared with Rs 1.69 lakh crore last year.

Securities Transaction Tax (STT) witnessed a 43.44 growth to Rs 4,940 crore. Advance tax collection too registered a robust growth of 13.15 per cent during April-December as against the growth of 8.76 per cent in the corresponding period last year.

Growth in tax deduction at source (TDS) stood at 7.84 per cent as against 16.73 per cent in the same period last year.

The government has projected its net direct tax collections for 2014-15 at Rs 7,36,221 crore  — an increase of 15.31 per cent over last year’s Rs 6,38,495 crore.

Sources in the government said that the target looks achievable considering the economy is projected to grow 5.9 per cent.

Kitty Party

Component                   FY2013-14     FY2014-15

                                         April-Dec    April-Dec 
 
Gross Direct Tax      Rs 4.84 lakh cr    Rs 5.46 lakh cr
Net Direct Tax         Rs 4.17 lakh cr    Rs 4.48 lakh cr
Gross Corporate     Rs 3.11 lakh cr    Rs 3.50 lakh cr
Income Tax             Rs 1.69 lakh cr    Rs 1.90 lakh cr