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Net direct tax collections in the April-October period in the current financial year increased by 13.33 per cent to Rs 2,84,339 crore, against Rs 2,50,900 crore in the same period a year ago.
However, this is lower than the projected growth of 19 per cent in direct tax collections this year.
Gross direct tax collections (before paying income tax refunds) during the seven-month period of 2013-14 stood at Rs 3,37,907 crore, compared to Rs 3,02,844 crore in the corressponding period of 2012-13 — an increase of 11.58 per cent — the finance ministry said in a statement on Wednesday.
Gross collection in corporate taxes showed an increase of 8.23 per cent and stood at Rs 2,09,622 crore, against Rs 1,93,679 crore in the corresponding period last year. Gross collection of personal income tax was up by 17.89 per cent and stood at Rs 1,25,078 crore, against Rs 1,06,097 crore in the same period of 2012-13.
The collection of Securities Transaction Tax stood at Rs 2,645 crore in April-October this year, recording a growth of 5.67 per cent over the last year period. Wealth tax collections posted a growth of 5.86 per cent and stood at Rs 560 crore, compared with Rs 529 crore in the year ago period.
The government has set direct tax collection target at Rs 6,68,108 crore for 2013-14, against Rs 5,65,835 crore in 2012-13. The collections had fallen short of the target by about Rs 5,000 crore last year.
To boost collections, the government is planning crackdown on tax dodgers. Last year, the Central Board of Direct Taxes had identified 1.2 million taxpayers who had a PAN card but did not file their income tax return. Based on various parameters it made seven categories within these 1.2 million non-filers and is sending letters to non-filers to clear their dues. About 0.245 million letters have already been issued.
Over 3.5 lakh returns have been filed by people who received these letters and self assessment tax of over Rs 600 crore and advance tax of over Rs 400 crore has also been paid.
