The government’s direct tax collections net of refunds rose 87 per cent to Rs 20,511 crore in May, compared with Rs 10,964 crore in the corresponding period of the previous year.
Total net direct collections for the April-May period rose 172 per cent to Rs 35,323 crore, compared with Rs 12,956 crore in the year-ago period.
Gross direct tax collections, including refunds, rose 3.62 per cent to Rs 52,232 crore in the April-May period, compared with Rs 50,407 crore in the two-month period last year.
Growth in annual net collections in May fell from the 644 per cent recorded in April.
The growth in April was primarily due to tax refunds falling to Rs 9,819 crore, compared with Rs 25,099 crore in April 2011.
Refunds at the end of May stood at Rs 16,909 crore, against Rs 37,451 crore a year ago, a drop of about 55 per cent.
Thus, refunds of about Rs 7,090 crore were issued in May, against Rs 12,352 crore in the corresponding month of 2011.
“Last year, most of the refunds were cleared early in the year, pulling net tax collections down, But this year, refunds would be staggered,” said a finance ministry official, adding at the end of the year, refunds would be higher than the Rs 98,000 crore last year.
The majority of the receipts were accounted for by personal income tax, which stood at Rs 11,309 crore in May-a growth of 17.7 per cent over the Rs 9,607 crore recorded last year.
Growth in corporate tax collections was about 581 per cent, with collections from companies at Rs 9,193 crore, against Rs 1,349 crore in May 2011.
| NET DIRECT TAX COLLECTIONS (in Rs crore) | |||||
| Apr-May ‘11 | Apr-May ‘12 | May ‘11 | May ‘12 | % growth | |
| Corporation Tax | -5,141 | 9,576 | 1,349 | 9,193 | 581.46 |
| Personal Income Tax | 18,079 | 25,732 | 9,607 | 11,309 | 17.70 |
| Total | 12,956 | 35,323 | 10,964 | 20,511 | 87.00 |
| Note: The total may not add up as there are some misc taxes too Source: Ministry of Finance | |||||
The direct tax collection target for 2012-13 is Rs 5,70,000 crore, an increase of about 25 per cent over the actual collections in the previous financial year. Refunds of Rs 98,000 crore in 2011-12 had pulled down direct tax collections during the year to Rs 4,94,799 crore, against the Budget Estimate of Rs 5,32,000 crore. This was a rise of 10.71 per cent over the collection of Rs 4,46,935 crore in 2010-11.
