During the 11-month period, April-February in the current fiscal Direct tax collection increased by 10.67 per cent to Rs 6.12 lakh crore, compared to Rs 5.53 lakh crore in the same period last fiscal (FY14).
Corporate tax collection grew by 9.99 per cent at Rs 3.79 lakh crore, compared to Rs 3.45 lakh crore during the corresponding period of last fiscal. Similarly, the personal Income Tax collection, was up by 11.10 per cent, at Rs 2.25 lakh crore in the April-February period as against Rs 2.02 lakh crore in the same period last year. Securities Transaction Tax (STT) collection showed a huge surge of 45.44 per cent at Rs 6,280 crore in the 11-month period due to buoyancy in the stock market. On the other hand the net direct tax collection rose at a slower pace of 6.88 per cent to about Rs 5.06 lakh crore, as against Rs 4.74 lakh crore in the same period last year, mainly due to higher refunds.
Government had targeted Rs 7.36 lakh crore revenue mop up from the Direct taxes in Budget 2014-15, but had revised it downwards to 7.05 lakh crore as per the revised estimate in the Budget for 2015-16. Although, growth in TDS declined to 7.49 per cent as against 16.69 per cent in the same period last year, advance tax collection has shown a growth of 13.41 per cent during April-February period 2014-15, as against the growth of 8.67 per cent shown at the same time previous year.