According to the data furnished by the finance ministry, gross direct tax collections increased 3.62 percent to Rs.52,232 crore from Rs.50,407 crore in the corresponding period of 2011-12. The ministry said the net direct tax collection zoomed 172.64 percent during the period under review to Rs.35,323 crore from Rs.12,956 crore in the same period. The upward surge in net collections was due to decline in refunds, said the ministry in a statement. Refunds fell by 54.85 percent during April-May 2012 from the corresponding period of last fiscal. However, gross collection of corporate taxes declined 2.82 percent during April-May 2012 and stood at Rs.24,329 crore, down from Rs.25,035 crore in the corresponding period of last fiscal. Wealth tax too declined. The levy fell 16.67 percent at Rs.15 crore down from Rs.18 crore in the like period of 2011-12. The Securities Transaction Tax (STT) was up by 7.36 percent during April-May, 2012-13, to Rs.540 crore from Rs.503 crore in April-May, 2011-12.
Categories: Legal India, Legal News | Tags: Personal income tax collection, Securities Transaction Tax, finance ministry