Gross direct tax collections up 23.91% in Q1 FY12

Gross direct tax collections during the first quarter of the current fiscal (April - June 2011) were up by 23.91%. Gross direct tax collections rose to Rs. 1,04,136 crore as against Rs. 84,041 crore during the same period last year. Gross collection of Corporate Taxes was up by 23.49% and stood at Rs. 68,223 crore against Rs. 55,244 crore in the same period last year. Gross collection of personal income tax was up by 24.63% which rose to Rs. 35,859 crore as against Rs. 28,772 crore during the same period last year. Net tax collections, however, stood at Rs. 57,268 crore, down from Rs. 68,675 crore in the same period in last fiscal. This was on account of an increase of 205.01% in tax refunds, which stood at Rs. 46,868 crore as against Rs. 15,366 crore in the same period during the last fiscal.