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A sharp jump in refunds eroded the Centre’s net direct tax collections by 3.4 percent during April-August 2011. However, gross tax collections for the first five months of the current fiscal grew 25.89 percent, higher than the 24 percent growth seen in the first quarter.
The improved performance mainly came through higher corporate taxes that grew about 30 percent during April-August this year.
The overall refund payout of the tax department jumped 156.04 percent in April-August to Rs 57,622 crore (Rs 22,505 crore). Net direct tax collections declined 3.4 percent to Rs 96,738 crore (Rs 100,113 crore).
Gross direct tax collections grew 25.89 percent to Rs 1,54,360 crore (Rs 1,22,618 crore). While gross corporate tax collections grew 29.72 percent at Rs 96,597 crore (Rs 74,463 crore), gross collection of personal income tax was up by 19.91 percent at Rs 57,582 crore (Rs 48,023 crore).
For the April-August 2011 period, securities transaction tax (STT) collections declined 9.09 percent to Rs 2,021 crore (Rs 2,223 crore). Wealth tax collections grew 22.14 percent at Rs 160 crore (Rs 131 crore).
The direct taxes collections target for 2011-12 is pegged at Rs 5.32 lakh crore (at the Budget Estimate stage).
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