Net direct tax collections for the current F.Y. 2013-14, up to 17th September 2013, stood at Rs. 2,38,325 crore as against Rs. 2,11,641 crore in the same period last year showing a growth of 12.5%. Corporate tax collections are Rs. 1,46,610 crore as against Rs. 1,35,791 crore collected to date last year; showing a growth of 7.97%. Similarly, Personal income tax collections are Rs. 89,006 crore as against Rs.65,752 crore collected to date last year which is a growth of 21.08%. The collection of Securities Transaction Tax (STT) and Wealth Tax stands at Rs. 2210 crore and Rs 309 crore, respectively.

Out of the above net collections, contribution by way of advance tax up to the September Quarter has been Rs 1,14,324 crore which is an overall growth of 9.14%. Advance tax collections from Corporates has been Rs 1,03,374 crore which is a growth of 7.97% as against previous year’s collection. This is better than the growth rate of 4.5% during the same period last year. Advance Tax collections under Personal Income tax head is Rs 10946 crore, showing a rise of 24%. ONGC, SBI, Reliance Industries Ltd, Life Insurance Corporation and HDFC Bank are the five top advance tax payers.

Net direct tax collections growth driven by corporate and personal income tax increases and stronger advance tax receipts this fiscal. Net direct tax collections through 17 September 2013 rose 12.5% year-on-year, driven primarily by corporate tax and personal income tax increases, with separate contributions from Securities Transaction Tax and Wealth Tax. Advance tax receipts for the September quarter grew overall, led by corporate advance tax, and the largest advance taxpayers are identified, reflecting concentrated contributions to near-term revenue.