Direct tax collection up 8 per cent at Rs4,28,278 crore in April-December

Led by healthy growth in personal income tax collection, gross direct tax collection in the country in the first nine months of the current financial year (April-December 2012-13) increased by 8.01 per cent to Rs4,28,278 crore.

Gross direct tax collections in the country during the first nine months of the financial year (April-December 2012-13) was up 8.01 per cent at Rs4,28,278 crore against Rs3,96,530 crore in the same period last year.

Corporate tax collection showed an increase of 4.94 per cent year-on-year at Rs2,83,170 crore during April-December 2012-13 against Rs2,69,850 crore during the same period last year.

Gross collection of personal income tax was up 14.57 per cent year-on-year at Rs1,44,376 crore against Rs1,26,012 crore during the same period last year.

Net direct tax collections were up 13.70 per cent at Rs3,68,322 crore, compared with Rs3,23,956 crore in the same period in the last fiscal.

Wealth tax collection rose 1.55 per cent to Rs656 crore from Rs646 crore during the same period last year, while securities transaction tax (STT) collection was down 12.46 per cent at Rs3,294 crore, against Rs3,763 crore during the same period last year.

Despite slowdown in economic activities, the government had said it is confident of meeting the Rs5,70,000 crore direct tax target for the fiscal.

The government had earlier issued a stern warning to tax evaders asking them to disclose their correct income and pay advance tax by due date or be prepared to face [penal action.