Direct tax mop-up on target, crosses Rs 1 lakh cr till Nov
November, 22nd 2006
Gross direct tax mop-up crossed the magical mark of Rs 1 lakh crore for this fiscal on November 17, 06. This means that for the first time after several years, the finance ministry will not have to revise its Budget target, in January.
More often than not, revised estimates in the past had to be scaled down due to lower than estimated collections. Fringe Benefit Tax collection has witnessed a growth of 39% to Rs 2,440.7 crore compared to Rs 1,756 crore in April-November 05.
With a booming stock market, securities transaction tax collections were up by a whopping 91.2% to Rs 2907.5 crore in April-November, (as of 17th), 06, against Rs 1520.8 crore in April-November,05. There has been a 105.7% increase in banking cash transaction tax collections at Rs 301.3 crore in the period under review compared to Rs 146.5 crore in April-November, 05.
Income and corporation tax has recorded a growth of 33.1%, in 06-07, so far. Total direct tax collections clocked Rs 1,21,118.7 crore in the period under review compared to Rs 90,603.4 crore in April-November, 05. The Budget estimate for direct tax is Rs 2,10,419 crore in this fiscal.
The going seems really good for the government on revenue front as direct tax collections have crossed 50%-mark of the budgetary target. In terms of growth rate, the Budget has estimated a 19% rise in total revenues.
Leading the tally were corporate tax collections which grew by 36.5% to Rs 75,494 crore in April-November, 06 against Rs 55,327 crore in April-November 05.
Personal income tax collections registered a growth of 25.9% to Rs 39,786.3 crore in the period under review compared to Rs 31,613.6 crore. Tax refunds stood at Rs 21,864.7 crore for the period under review against Rs 19,264.5 crore in April-November, 06, growing by 13.5%.