Direct tax collections up 27% in April-July | business | Hindustan Times
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Direct tax collections up 27% in April-July

business Updated: Aug 12, 2011 19:56 IST
IANS
gross direct tax

Gross direct tax collection increased 26.63% to Rs.1,32,542 crore in April-July this year as compared to Rs.1,04,668 crore during the same period last year, on the back of sharp jump in the collection of corporate taxes, official data showed Friday.

Gross collection of corporate taxes jumped 29.56% to Rs.85,222 crore in the first four months of the fiscal period as compared to Rs.65,776 crore during the corresponding period of last year, according to the data released by the Central Board of Direct Taxes (CBDT).

Collections from personal income tax increased by 21.64% to Rs.47,214 crore during the period under review.

However, the net collections of direct taxes declined because of almost two-fold jump in tax refunds.

Net collections of direct taxes declined to Rs.78,679 crore in these months from Rs.85,647 crore in the same period last year. Tax refunds during this period increased 183.18% to Rs.5,863 crore.

Wealth tax collection increased 38.67% at Rs.104 crore.

However, collections of securities transaction tax declined 5.87% at Rs.1,555 crore in these months as against Rs.1,652 crore during the corresponding period of last year.