Direct Tax Collection Rose By 14% in April To August FY14
DSIJ Intelligence / 06 Sep 2013
Direct tax collection grew by 14.43% in April to August 2013-14. The exchequer received Rs 1.88 lakh crore in the initial five month of FY14 as against Rs 1.64 lakh crore collection of during the same period last fiscal.
Direct tax collection grew by 14.43% in April to August 2013-14. This growth is in spite of the economic slowdown 
and lower GDP growth rate. The exchequer was able to collect Rs 1.88 lakh crore in the initial five month of FY14 as against Rs 1.64 lakh crore collection of during the same period last fiscal.
The Net Direct Tax for the aforesaid period for FY14 has jumped up by 15% to stand at Rs 143138 crore as against Rs 124019 crore collected in previous fiscal.
The collection for Gross Income Tax has climbed by 19% to Rs 78187 crore from April to August in FY 14 as against Rs 65752 crore in the same duration in FY13. Whereas the Corporate tax has surged by 12% to Rs 108075 crore from Rs 96738 crore in same duration last year.
To add on, Security transaction tax for initial five months of the current fiscal was Rs 1649 crore whereas Wealth tax collection moved up 24% to Rs 280 crore from April to August in FY14 as against Rs 225 crore moped up in April to August FY13. The remarkable tax collection is certainly an encouraging for the Department of Revenue.
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