Direct tax collections up 23 per cent
Led by higher corporate tax realisation, gross direct tax collections rose by 23 per cent to Rs 2,57,042 crore in the first six months of 2011-12. The gross direct tax mop was Rs 2,08,971 crore in the same period last year. The net direct tax collections, after refunds, stood at Rs 1,94,812 crore during April-September, up from 1,81,758 crore in the same period last year, a Finance Ministry statement said. Due to higher refunds, the increase in net tax mop is only about 7 per cent. The data showed that gross collection of corporate taxes was Rs 1,75,360 crore in the first half of the fiscal, up 23.17 per cent from Rs 1,42,368 lakh crore. Similarly, the personal income tax collection was up 22.65 per cent to Rs 81,353 crore, against Rs 66,330 crore last year. The government expects to mop up Rs 5.32 lakh crore from direct taxes. The growth in gross direct taxes for the first half of 2010-11 was 15.51 per cent, while the net taxes realisation had increased by 19.09 per cent.
SOURCE: financialtimes.com
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