Press Information Bureau

Government of India

Ministry of Finance

12-August-2011 19:57 IST

Gross direct tax collections during the first four months of the current fiscal (April - July 2011) were up by 26.63 percent and stood at Rs.1,32,542 crore as against Rs.1,04,668 crore during the same period in last fiscal. Gross collection of corporate taxes in this period was up by 29.56 percent to Rs.85,222 crore as against Rs.65,776 crore during the same period in last year while gross collections of personal income tax rises by 21.64 percent during this period and stood at Rs.47,214 crore as against Rs.38,816 crore during the same period in last year.

However, Net collections during this period stood at Rs.78,679 crore, down from Rs.85,647 crore in the same period during last fiscal on account of an increase of 183.18 percent in tax refunds. Tax refunds during this period (April-July,2011) stood at Rs.53,863 crore as against tax refund of Rs 19,021 crore made in the same period during last fiscal.

Growth in wealth tax was 38.67 percent and collections stood at Rs.104 crore during the first four months of current fiscal as against Rs.75 crore in last fiscal. On the other hand, there was decrease of 5.87 percent in collections of securities transaction tax during this period which stood at Rs.1,555 crore as against Rs.1,652 crore during the same period in last fiscal.

DSM/SS/PM

Gross direct tax collections rose significantly, while net collections declined due to markedly higher tax refunds. Gross direct tax collections rose sharply in the first four months, led by higher corporate and personal income tax receipts. However, net collections declined because tax refunds increased substantially, while wealth tax grew and securities transaction tax fell.