New Delhi: Direct tax collections grew by 3.92% to Rs1,73,447 crore for the first seven months of current fiscal, around Rs2 lakh crore short of the target for the mop-up this financial year.
The net direct tax collections for the period are lower due to higher tax refunds given by the government which grew by about 64% to Rs33,137 crore compared to last year, the Central Board of Direct Taxes (CBDT) said in a statement on Thursday.
Corporate tax collections grew by 4.59% to Rs1,09,996 crore in April-October. In the personal income tax segment, the mop-up was up by only 2.87% at Rs63,195 crore in the period.
The government in the Budget for 2009-10 has set a target of Rs3.7 lakh crore as direct tax collection, which was later revised to Rs4 lakh crore.
The tax collections were marginally better at Rs20,822 crore in October than Rs19,808 crore in the same month last year, CBDT said.
Net collections continued to be positive at Rs20,822 crore in October compared to Rs19,708 crore during the same month last year.
Personal income tax growth was 16.1% at Rs11,398 crore in October.