Advance tax increased by 30 per cent and tax deducted at source by 48%.
The Centres direct tax revenues continue to be buoyant, with net collections recording 40.21 per cent increase during the six month period ended September 2007 at Rs 1,11,055 crore, compared with Rs 79,208 crore collected in the same period last year.
Latest data available with the revenue department shows that corporate tax collections in the first half of the current fiscal grew 41 per cent to Rs 72,240 crore (Rs 49,813 crore). Personal income-tax (including FBT, STT and BCTT) grew by 39 per cent to Rs 40,744 crore (Rs 29,329 crore).
An official release said that Mumbai region recorded a 96 per cent growth in corporate taxes and 40 per cent in personal income-tax.
Delhi region recorded a growth of 8 per cent in corporate taxes and 29 per cent in personal income-tax.
Tax experts and economists attributed this performance to economic growth, better compliance and enhanced coverage through use of information technology. In terms of payment types, advance tax increased by 30 per cent and tax deducted at source (TDS) by 48 per cent.
This revenue collection is due to growth effect. The incomes of the taxpaying community have gone up. It also means better compliance and also indirectly reflects the growth in services sector. All the fiscal reforms seem to be paying off and on top of this, there is also economic growth that has helped boost direct tax collections, Mr T.K. Bhaumik, Chief Economist, Reliance Industries said.