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Direct tax collections up 13% in April-Jan

February, 05th 2009
The Centres net direct tax collections during first ten months of the present fiscal (up to January 2009) stood at Rs 2,47,396 crore, up from Rs 2,18,538 crore in the corresponding period of the previous year, registering a growth of 13.21 per cent. Growth in corporate taxes was 17.32 per cent at Rs 1,57,039 crore (Rs 1,33,851 crore). Personal income tax (including FBT, STT and BCTT) grew 6.71 per cent at Rs 90,010 crore (Rs 84,349 crore). An official release said that growth in Fringe Benefit Tax (FBT) was 19.13 per cent (Rs 6,148 crore against Rs 5,161 crore) and in Banking Cash Transaction Tax (BCTT) was 16.12 per cent (Rs 534 crore against Rs 460 crore). Securities Transaction Tax (STT), however, declined by 29.13 per cent (Rs 4,815 crore against Rs 6,793 crore). During this period, growth of tax deducted at source (TDS) for corporate taxes was 41.1 per cent (Rs 50,252 crore against Rs 35,615 crore last year) and for personal income-tax it was 20.6 per cent (Rs 54,099 crore against Rs 44,870 crore last year). Direct tax collections have so far reached 67.78 per cent of the Budget estimate target of Rs 3,65,000 crore.