India's April-May direct tax collections up 37.34 per cent at Rs50,405 crore
06 Jun 2011
Gross direct tax collections in India rose 37.34 per cent to Rs50,405 crore during the first two months of the current financial year (April-May 2011) compared to Rs36,702 crore in the same period of the previous fiscal.
Net direct tax collections were, however, down 47.93 per cent at Rs12,954 crore against Rs24,878 crore in the same period during the last fiscal.
The decline in net direct tax collection was on account of a 216.74 per cent increase in tax refunds, which stood at Rs37,451 crore as against Rs11,824 crore last year. More than 40 lakh refunds have been issued in the current fiscal.
Last fiscal, a record 85 lakh refunds had been issued by the Income Tax department even while it met the revised estimates target of Rs4,46,000 crore.
Budget estimates for direct tax collections are fixed at Rs5,32,651 crore for the current fiscal, ie, 2011-12.