Direct tax collections up 14.43 % at Rs188,193 cr in Apr-August

The current economic slowdown seems to have not had much impact on the government's revenue collection as direct tax realisations in April-August have risen 14.43 per cent year-on-year.

Gross direct tax collections during the first five months of the current fiscal (April-August 2013-14) has gone up by 14.43 per cent to Rs1,88,193 crore against Rs1,64,463 crore collected in the same period in 2012-13.

Gross collection of corporate taxes has shown an increase of 11.72 per cent at Rs1,08,075 crore from Rs96,738 crore in the same period last year while gross collection of personal income tax is up 18.91 per cent at Rs78,187 crore from Rs65,752 crore during April-August 2012-13.

The collection of securities transaction tax (STT) stands at Rs1,649 crore while wealth tax collection has posted a growth of 24.44 per cent at Rs280 crore as against Rs225 crore in the same period last year.

Net direct tax collection is up 15.42 per cent at Rs1,43,138 crore, compared to Rs1,24,019 crore in the same period in the last fiscal.

The rise, however, is still way below the government's target of 19 per cent growth in direct tax collection over the Rs5,65,00 crore garnered during the entire 2012-13 fiscal year to take its tax kitty to over Rs6,68,000 crore during 2013-14.

However the growth in net direct tax collections during the April-August period this fiscal rose at a faster pace of 15.42 per cent to Rs1,43,138 crore compared to the growth rate in tax mop-up in the same period a year ago.