The government's direct tax collections, net of refunds, rose 10.11% in December this fiscal at Rs 97,591 crore against Rs 88,623 crore in the previous month. The rate of growth is quite higher than witnessed in November at 7.91% year-on-year, official data show today.
However, this is not adequate to meet the Budget targets. The direct tax collections grew 13.70% at Rs 3.68 lakh crore in the first nine months of this fiscal against the Budget target of 19.43% for the entire 2012-13.
The slowdown in economic growth is hitting the exchequer hard. Indian economy grew just 5.4% in the first half of the current fiscal against 7.3% in the corresponding period of last fiscal.
The data did not give any break-up of direct tax collections into personal income tax and corporation tax.
However, securities transaction tax (STT) declined 12.46% at Rs 3,294 crore in the first nine months against Rs 3,763 in the corresponding period of last fiscal, reflecting less value of trading in stock exchanges.
Wealth tax collections were up 1.55% at Rs 656 crore against Rs 646 crore over the period.
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Inclusive of refunds, direct tax collections, however, grew at less growth of 8.01% at Rs 4,28,278 crore in the first nine months of this fiscal.
While corporate taxes mop-up showed an increase of 4.94% at Rs 2,83,170 crore, personal income tax collections were up 14.57%.