Direct tax collections up by 40%

19 Jan '08

1 min read

Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal.

Net tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore.

Corporate Tax registered a growth of 37.22 percent at Rs.1,32,948 crore, up from Rs.96,883 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 50.15 percent at Rs.83,897 crore, up from Rs.55,874 crore.

Growth in Securities Transaction Tax (STT) was 78.19 percent (Rs.6,793 crore against Rs.3,812 crore) and Fringe Benefit Tax (FBT) was 64.79 percent (Rs.5,121 crore against Rs.3,108 crore). Banking Cash Transaction Tax (BCTT) grew by 15.26 percent (Rs.423 crore against Rs.367 crore).

Tax deduction / collection at source increased by over 51 percent while self-assessment tax (unpaid taxes paid voluntarily before submission of tax return) increased by over 59 percent, indicating continued improvement in tax administration and tax compliance levels.

Press Information Bureau Government of India

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