Net Direct Tax Collections for 2013-14, up to 17th September 2013 Shows A Growth of 12.5% and Stood At Rs. 2,38,325 Crore as against Rs. 2,11,641 Crore in the Same Period Last Year
Net direct tax collections for the current F.Y. 2013-14, up to 17th September 2013, stood at Rs. 2,38,325 crore as against Rs. 2,11,641 crore in the same period last year showing a growth of 12.5%. Corporate tax collections are Rs. 1,46,610 crore as against Rs. 1,35,791 crore collected to date last year; showing a growth of 7.97%. Similarly, Personal income tax collections are Rs. 89,006 crore as against Rs.65,752 crore collected to date last year which is a growth of 21.08%. The collection of Securities Transaction Tax (STT) and Wealth Tax stands at Rs. 2210 crore and Rs 309 crore, respectively.
Out of the above net collections, contribution by way of advance tax up to the September Quarter has been Rs 1,14,324 crore which is an overall growth of 9.14%. Advance tax collections from Corporates has been Rs 1,03,374 crore which is a growth of 7.97% as against previous year’s collection. This is better than the growth rate of 4.5% during the same period last year. Advance Tax collections under Personal Income tax head is Rs 10946 crore, showing a rise of 24%. ONGC, SBI, Reliance Industries Ltd, Life Insurance Corporation and HDFC Bank are the five top advance tax payers.
Information about refunds is missing:
The news is silent about tax refunds. Only net collection has been mentioned. As per informal informations there seems delay in granting of refunds becasue many tax payers have not received refunds and there seems delays in processing of returns and granting of refunds.
Wealth Tax:
Meger collection of Wealth Tax Rs 309 crore inspite of heavy price increase in gold and silver suggest need to abolish wealth tax and to concentrate on meaningfull levies of tax.
Alternatively basic exemption be raised to Rs. one crore and rate of wealth tax above wealth of Rs. one crore may be increased to 3 – 5 % to make levy meaningful. The superrich taxpayers can pay wealth tax at higher rate as a wealth holding, wealth carrying and wealth appreciation cost. Such WT may be allowed as cost of improvement in case of sale of such properties which had been subject to levy of welath tax during five previous years before transfer of the property.