New Delhi, August 7 (IANS) Gross direct tax collections increased 13.27 percent to Rs.1,57,169 crore in April-July period of the current financial year, led by higher mop-up from personal income tax, government data showed Wednesday.
Gross collection of personal income tax increased 19.32 percent to Rs.63,583 crore in the first four months of the current financial year as compared to Rs.53,289 crore recorded during the same period last year.
However, collections from corporate taxes grew at a sluggish 9.75 percent at Rs.92,115 crore during the period under review, according to data released by the finance ministry here.
Sluggish earnings of India Inc have hit collections from corporate taxes. Low demands and high cost of capital coupled with sluggish economic growth have affected corporate earnings in the country.
The collection of Securities Transaction Tax (STT) stands at Rs.1,267 crore, while mop-up from wealth tax increased by 38.62 percent at Rs.201 crore during the period under review.
Net direct tax collections in April-July period was recorded at Rs.1,16,645 crore, registering an increase of 10.37 percent over the corresponding period figure of last year Rs.1,05,684 crore.
The difference in gross and net tax collections are because of refunds.