The governments tax kitty continues to swell. Direct tax collections up to October 15 reported a 40% jump at Rs 1,21,950 crore as against Rs 86,751 crore during the same period last fiscal.
Corporate tax contributed Rs 75,549 crore, up by 40.29% from Rs 53,853 crore during same period in the previous fiscal, an official statement said today.Personal income-tax, fringe benefit tax, securities transaction tax and banking cash transaction tax yielded 41.13% more at Rs 46,320 crore against Rs 32,821 crore.
Bullish securities market led to a collection of Rs 3,784 crore through securities transaction tax, up 48.05% against Rs 2,556 crore. Banking Cash Transaction Tax collections was up 20.22 % at Rs 284 crore against Rs 236 crore.
Fringe Benefit Tax collections recorded a growth of 87.92 % at Rs 2,326 crore against Rs 1,238 crore.Growth in direct tax collections is also due to better tax compliance which is indicated by an increase of 64 % in self-assessment tax.