A massive 54 per cent jump to Rs 12,498 crore in personal income tax collections in the first quarter of the current fiscal has meant that the overall direct tax collection have surged to Rs 28,043 crore. A year ago in the same quarter, the collections stood at Rs 18,687 crore.
The overall direct tax increase of 50 per cent is far higher than the 27.73 per cent targeted growth required to achieve Budget estimates.
Corporate tax collections during April-June stood Rs 15,521 crore, as against Rs 10,564 crore. This is around 47 per cent higher than the same quarter last year.
The targeted growth rate for corporate tax is around 34 per cent.
Personal income tax inclusive of the securities transaction tax, the banking cash transaction tax and the fringe benefit tax also increased by 54 per cent to Rs 12,498 crore, as compared with Rs 8,105 crore during the same period last year. The targeted growth rate for personal income tax is around 19 per cent.
The volatility in the stock market led to a huge spurt in the STT collections at Rs 1,217 crore, as compared with just Rs 359 crore in the the same period last year, an increase of over 238 per cent. FBT collections in the first quarter stood at Rs 179 crore while the BCTT collections were Rs 119 crore.