Gross direct tax collection grows 7.14% in April-Nov

Tags: News
A day after government issued stern warning to tax evaders to declare the tax income, gross direct tax collection figures released on Tuesday for April-November showed a mere raise of 7.14 per cent against the budget target of 15 per cent growth in the full year. With hardly four months left in the fiscal year, it appears difficult to achieve the target of 5.7 lakh crore in 2012-13.

Gross tax collections during April-November were Rs 3,25,696 crore as against Rs 3,04,002 crore in the same period last year

“Sooner than later, the information available with the income tax department will lead it to doors of such persons,” revenue secretary Sumit Bose said on Monday, adding, “There is no advantage in suppressing the true income or avoiding paying income tax that is due.” The warning was issued apparently in the face of poor growth in the tax collections so far this year.

Net direct tax collections, however, went up by 15.04 per cent at Rs 2,70,731 crore as compared to Rs 2,35,333 crore during the same period in the last fiscal owing to lower refunds so far this year. This indicated that the government was going slow on tax refunds as compared to last year.

The lower growth in direct tax collection is on the back of sluggish economic activity in the country. Growth in India’s industrial production stood at 0.1 per cent during April-September period of this fiscal, as compared to a growth of 5.1 per cent in the corresponding period in 2011-12, thereby impacting corporate tax collections.

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