Direct tax kitty up 14.54% in April-December

Income tax collection was up by 19%

Direct tax collections during April-December this fiscal were up by 14.54 per cent at Rs 3,96,529 crore over the corresponding period last fiscal, mainly due to an increase in corporate tax mop-up.

The gross direct tax collection in the first three quarters of 2010-11 was Rs 3,46,182 crore.
As per the data released by the Central Board of Direct Taxes (CBDT), the gross collection of corporate tax was up 12.49 per cent at Rs 2,69,850 crore in April-December against Rs 2,39,883 crore in same period  in the previous fiscal. The personal income tax collection in the three quarters of the current financial year was up by 19.06 per cent at Rs 1,25,998 crore. CBDT said the net direct tax collections (minus refunds issued to the assessess) stood at Rs 3,23,955 crore in April- December. This was up by 8.36 pre cent from Rs 2,98,957 crore collected in the same period last fiscal. The growth in wealth tax was 54.18 per cent at Rs 646 crore against Rs 419 crore collected last year.

Amid volatility in the stock market, the securities transaction tax (STT) declined by 26.48 per cent at Rs 3,763 crore.  The STT mop-up was Rs 5,118 crore in the first three quarters of the last fiscal. In the Budget 2011-12, the government had envisaged to collect Rs 5.32 lakh crore from direct taxes this fiscal.