Net direct tax collections for the current Financial Year (F.Y.) 2013-14, up to 20th December 2013, stood at Rs. 4,12,918 crore as against Rs. 3,63,338 crore in the same period last year showing a growth of 13.7%. Corporate tax collections are Rs. 2,60,752 crore as against Rs. 2,36,580 crore collected to date last year; showing a growth of 10.2%. Similarly, Personal income tax collections stood at Rs. 1,47,987 crore as against Rs. 1,22,818 crore collected to date last year which is a growth of 20.5%. The collections of Securities Transaction Tax (STT) and Wealth Tax stand at Rs. 3427 crore and Rs 752 crore, respectively.

Out of the above net collections, contribution by way of advance tax upto the December Quarter has been Rs 2,02,626 crore which is an overall growth of 8.8%. Advance tax collections from Corporates has been Rs 1,76,935 crore which is a growth of 8.4% as against previous year’s collections. This is better than the growth rate of 7.0% during the same period last year. Advance Tax collection under Personal Income tax head stood at Rs 25,686 crore, showing a rise of 11.9% upto this Quarter.

Direct tax collections growth reflects stronger corporate and personal tax inflows up to the December quarter. Net direct tax collections up to 20 December 2013 show year on year increases driven by corporate and personal income tax receipts, with Securities Transaction Tax and Wealth Tax as smaller contributors. Advance tax up to the December quarter represents a substantial share of net collections: corporate advance tax is the dominant component while personal income tax advance payments rose at a higher percentage rate, and overall advance tax growth exceeded the prior year's comparable period.