Net direct tax collection increased by 12.5 percent to Rs 2.38 lakh crore in first six months (April 1 to September 17) of the current fiscal on the back of high growth in personal income tax collection. The net direct tax collection was Rs 2.11 lakh crore in the same period of previous fiscal.
Categories wise, collection of securities transaction tax (STT) and wealth tax stood at Rs 2,210 crore and Rs 309 crore respectively in April 1 to September 17 period of current fiscal. While, the corporate direct tax collection grew by 7.97 percent to Rs 1.46 lakh crore in the reported period. Moreover, personal income tax realisation increased by 21.08 percent to Rs 89,006 crore.
The advance tax collection in the July to September quarter grew by 9.14 percent to over Rs 1.14 lakh crore in which corporate sector contributed Rs 1.03 lakh crore, up 7.97 percent as compared to an increase of 4.5 percent during the same period last year. The top corporates of advance tax during the quarter was ONGC, SBI, Reliance Industries, Life Insurance Corporation and HDFC Bank.
The government has fixed a direct tax collection target of Rs 6.68 lakh crore for the current fiscal, up from Rs 5.65 lakh crore in the previous fiscal. In order to boost the tax revenue, the government is doing all efforts include issuing notices to tax evaders and set advertising campaign etc. Further, the government is addressing hurdles like human resources, technology and time to improve tax collection.
