India's Direct tax collections registers 22% growth during April-November

The Net direct tax collections during first eight months of the present fiscal (up to November 2008) stood at Rs.177,251 crore, up from Rs.145,053 crore, registering a growth of 22.2 percent. Growth in Corporate Taxes was 26.82 percent (Rs.109,735 crore as against Rs.86,526 crore), while Personal Income Tax (including FBT, STT and BCTT) grew at 15.28 percent (Rs.67,215 crore as against Rs.58,304 crore). Growth in Fringe Benefit Tax (FBT) was 34.47 percent (Rs.4,120 crore as against Rs.3,064 crore) and in Banking Cash Transaction Tax (BCTT) was 17.33 percent (Rs.421 crore as against Rs.359 crore). Securities Transaction Tax (STT), however, declined by 15.42 percent (Rs.4,165 crore as against 4,924 crore) on account of reduced capitalization in the Indian securities market.

Direct tax collections appear to be on course. Growth in Corporate TDS continues to remain robust at 45 percent (Rs.40,450 crore as against Rs.27,892 crore). Growth in the Dividend Distribution Tax (DDT) of domestic companies also remained robust at 41.84 percent (Rs.9,675 crore as against Rs.6,821 crore).

Advance tax collections had recorded positive growth in mining, mineral, metal, engineering, Indian banking, telecom, IT, pharma, and consumer goods sectors up to September 2008. The next instalment of advance tax becomes due on December 15, 2008.

Direct tax collections have already reached 48.56 percent of the Budget Estimates of Rs.3,65,000 crore, which is pegged at 16.07 percent above the actual collection of Rs.3,14,468 (provisional) during the last fiscal (2007-08).

Source : Press Information Bureau

Keywords