GROSS DIRECT TAX COLLECTIONS DURING THE FIRST FIVE MONTHS

PRESS RELEASE NO. 402/92/2006-MC (21 OF 2011), DATED 8-9-2011

Gross direct tax collections during the first five months of the current fiscal (April – August 2011) were up by 25.89 percent at Rs.154,360 crore as against Rs.122,618 crore in the same period last fiscal. While gross collection of corporate taxes was up 29.72 percent (Rs.96,597 crore against Rs.74,463 crore last year), gross collection of personal income tax was up by 19.91 percent (Rs.57,582 crore against Rs.48,023 crore last year).

Net collections, however, stood at Rs.96,738 crore, down from Rs.100,113 crore in the same period last fiscal on account of an increase of 156.04 percent in tax refunds, which stood at Rs.57,622 crore as against Rs.22,505 crore last fiscal.

Growth in wealth tax was 22.14 percent (Rs.160 crore against Rs.131 crore), while growth in securities transaction tax was -9.09 percent (Rs.2,021 crore against Rs.2,223 crore).