Direct Taxes Collections 1,54,360 Crores in five months
THE gross Direct Taxes collection for the first five months – April-August 2011 stood at 1,54,367 Crores up by 25.89 per cent, compared to last year's figures. Personal income tax is up by about 20 percent at Rs. 57,582 Crores. There was a decrease in securities transaction tax, which is less by about 10 percent at Rs. 2021 Crores compared to 2223 Crores for the same period last year.
However net collections stood at Rs. 96,738 crores, down from Rs.100,113 crores in the same period last fiscal. This is because of the huge refunds. The income tax department was on a refund spree and gave Rs. 57,622 crores refunds this year as against Rs.22,505 crore last fiscal.