India has witnessed a growth of 14.57% in Direct Tax collection at Rs.4,25,274 crore in the first 10 months of the current financial year against Rs.3,71,188 crore in the same period of the last year. The data is low when compared with the Government target of collecting Rs.5,32,000 crore in this fiscal year.
The amount collected through direct tax is quite away from the targeted collection. If Government falied to meet its targeted tax collection in this year, it would become tough to bring down the fiscal deficit to 4.6%. Already, Government has been suffering to bring down fiscal deficit due to the slowdown in global economy.
In the first 10 months of the current fiscal year, the gross collection of corporate taxes were increased by 11.87% to Rs.2,85,837 crore against Rs.2,55,514 crore in the same period of the last year. While, Wealth tax soared by 45.11% to Rs.682 crore against Rs.470 crore, Securities Transaction tax surged fell 27.19% to Rs.4,145 crore from Rs.5,693 crore.
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