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Direct tax collection: Rs 200,000 crores!
December, 25th 2007
The government has collected Rs 200,000 crores through direct taxes, net of refunds, till December 20 this fiscal.

Central Board of Direct Taxes officials claim the figure has surpassed indirect taxes for the first time.

Within the next few days, the government exchequer's kitty will swell to more than last fiscal's budget estimates of Rs 210,000 crores, according to finance ministry sources. In fact, it could happen on Monday itself, they added.

This year, the budget target is Rs 267,490 crores, but the officials claimed it would be easily crossed and direct taxes would yield more than Rs 300,000 crores.

While break-up of the tax collection was not immediately available, CBDT officials said the direct tax kitty swelled due to a buoyant economy and better tax compliance.

They said that in most advanced nations, direct tax collections are more than those from indirect taxes, and India has come in the line with developed nations in this respect.

The indirect tax collection, comprising all the three levies, grew by 15.4 per cent to stand at Rs 148,201 crores till October.

Though the figures of indirect tax collections till December 20 are not available, CBDT officials claim that direct tax collections have easily surpassed indirect taxes, if the trend of growth in indirect tax collections so far is taken into account.

Meanwhile, initial figures for collections from advance tax were expected to be quite robust. December 15 is the last date for submitting advance tax for the third quarter of this fiscal.

According to sources, the country's top lender, the State Bank of India, continued to lead the tally of corporate taxpayers in the Mumbai circle, but private players are also paying a good sum.

The direct tax kitty has been maintaining a 40 per cent growth this fiscal so far. If this growth rate is sustained, it would be a new record in tax collections in India.

Till December 15, the government's direct tax collection rose 42.50 per cent to Rs 164,407 crores as against Rs 115,377 crores a year ago.

Corporate tax fetched Rs 98,391 crores, up 42.37 per cent from Rs 69,110 crores.

Personal income tax collection grew by 42.83 per cent to yield Rs 65,774 crores as against Rs 46,051 crores a year ago.

Bullish stock markets led to a 74.36 per cent rise in securities transaction tax at Rs 5,895 crores as compared to Rs 3,381 crores.

Fringe benefit tax fetched 16.10 per cent more to the exchequer at Rs 3,313 crores as against Rs 2,854 crores. Banking cash transaction tax, which was imposed to keep a trail on black money, yielded Rs 376 crores, up 17.04 per cent over Rs 322 crores a year ago.

 
 
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