Gross direct tax collections during April - October, 2011

Press Release No. 402/92/2006-MC (28 of 2011), dated 4-11-2011

Gross direct tax collection during April-October of the current fiscal was up by 20.28 per cent at Rs. 284,081 crore as against Rs. 236,176 crore in the same period last fiscal. While gross collection of corporate taxes was up 20.35 per cent (Rs. 189,872 crore against Rs. 157,767 crore last year), gross collection of personal income-tax was up by 20.17 per cent (Rs. 93,769 crore against Rs. 78,029 crore last year). Net direct tax collections stood at Rs. 218,850 crore, up from Rs. 204,347 crore in the same period last fiscal, registering a growth of 7.10 per cent.

Growth in wealth tax was 10.6 per cent (Rs. 418 crore against Rs. 378 crore) while for securities transaction tax (STT) it was -17.9 per cent (Rs. 2,958 crore against Rs. 3,602 crore).

Gross direct tax collections rose year on year, driven by corporate and personal income tax increases despite lower STT. Gross direct tax collections for April-October 2011 increased year on year, with overall receipts rising by about twenty percent. Corporate tax and personal income tax were the principal drivers of aggregate growth, while wealth tax showed modest positive growth and securities transaction tax declined; net direct tax collections grew more moderately after adjustments.