Personal Income Tax Collection up 10.02 Percent in April-May


New Delhi: The gross collection of personal income tax rose 10.02 percent during April-May, 2012-13, to 27,884 crore from 25,344 crore in the like period of 2011-12, official data showed. According to the data furnished by the finance ministry, gross direct tax collections increased 3.62 percent to 52,232 crore from 50,407 crore in the corresponding period of 2011-12. The ministry said the net direct tax collection zoomed 172.64 percent during the period under review to 35,323 crore from 12,956 crore in the same period. The upward surge in net collections was due to decline in refunds, said the ministry in a statement. Refunds fell by 54.85 percent during April-May 2012 from the corresponding period of last fiscal. However, gross collection of corporate taxes declined 2.82 percent during April-May 2012 and stood at 24,329 crore, down from 25,035 crore in the corresponding period of last fiscal. Wealth tax too declined. The levy fell 16.67 percent at 15 crore down from 18 crore in the like period of 2011-12. The Securities Transaction Tax (STT) was up by 7.36 percent during April-May, 2012-13, to 540 crore from 503 crore in April-May, 2011-12.
Source: IANS