Huge tax refunds by the income tax department pulled down the direct tax collection during the first five months of 2011-12 to Rs 96,738 crore, down 3.3 per cent, as compared to the net direct tax collection during the same period of the previous year.
A 156.04 per cent tax refund though has brought cheers for the tax payers but has impacted the exchequer, bringing down the net tax collection from Rs 1,00,113 crore to Rs 96,738 crore during the April-August period, a data released by the government shows.
However, gross direct tax collection during the five months period was up 25.89 per cent as against the corresponding period last year.
The gross direct tax collection stood at Rs 1,54,360 crore during the April-August period as against Rs 1,22,618 crore during the same period last year.
The Central Board of Direct Taxes (CBDT) has been on a refund drive for quite some time now. It has so far issued refunds worth Rs 57,622 crore during the first five month of the current fiscal. Tax refunds stood at Rs 22,505 crore during the same period last fiscal.
The corporate tax collection was 29.72 per cent at Rs 96,597 crore as against Rs 74,463 crore during the same period in the last fiscal. The other component of direct tax personal income tax garnered Rs 57,582 crore during the period, up 19.91 per cent as compared to Rs 48,023 crore during the same period last year.
The wealth tax collection grew by 22.14 per cent and stood at Rs 160 crore compared to Rs131 crore, while securities transaction tax collection fell by -9.09 per cent. It stood at Rs 2,021 crore as against Rs 2,223 crore during the same period last fiscal.