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The Centre's net direct tax collections grew 10.74 per cent in financial year 2011-12 to Rs 4.95 lakh crore (Rs 4.47 lakh crore), lower than revised estimate of Rs 5 lakh crore for the year.
Direct tax collections had registered an 18 per cent increase in 2010-11.
The slowdown in economy and its consequent impact of lower revenue collections prompted the Centre (in the recent Budget) to scale down its direct taxes collection target for 2011-12 from Rs 5.32 lakh crore to Rs 5 lakh crore.
Against an advance estimate of 6.9 per cent GDP growth for 2011-12, the Central Statistics Office had recently revised downwards the economic growth estimate to 6.5 per cent.
On a gross basis, direct tax collections in 2011-12 were up 13.02 per cent at Rs 5.90 lakh crore (Rs 5.22 lakh crore), a Central Board of Direct Taxes release said.
While gross collections in corporate taxes were up 11.52 per cent at Rs 3.96 lakh crore (Rs 3.55 lakh crore), gross collections of personal income tax were up 16.20 per cent at Rs 1.93 lakh crore (Rs 1.66 lakh crore).
Securities transaction tax collections in 2011-12 declined 20.95 per cent to Rs 5,656 crore (Rs 7,155 crore). Wealth tax collections rose 14.56 per cent at Rs 787 crore (Rs 687 crore).
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