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Direct tax of Apr-Dec collections approach Rs. 3 tri mark
December, 21st 2010

Direct tax collections for the current fiscal to the middle of December rose 18% to nearly Rs.3 trillion, driven by robust corporate tax payments, including from advance tax.

The net direct tax collection stood at Rs.2.96 lakh crore from 1 April to 15 December this year, a growth of 18% over the year-ago period, an official said.

During the nine-month period, corporate tax collections grew 21.3% while personal income tax rose 16.2% compared with the corresponding period last year.

In budget 2011, the government had targeted a collection of Rs.4.3 trillion from direct tax for the fiscal.

The Central Board of Direct Taxes (CBDT) is confident of matching the estimate.

As things stand now, we will definitely reach the target, CBDT chairman S.S.N Moorthy had said recently.

Advance tax collections from Indias top 100 companies also grew 16.3% in the first three quarters of the current fiscal.

State-run Oil and Natural Gas Corp. Ltd paid the maximum Rs.6,223 crore advance tax for April-December period. It is 35% higher than in the corresponding period last year.

Advance tax paid by Reliance Industries Ltd grew 37%?to Rs.3,150 crore during the period under considerations.

The nations largest insurer, Life Insurance Corporation of India, paid Rs.2,668 crore tax for April-December, an increase of 12% over last years period.

Advance tax paid by NMDC Ltd grew 96% to Rs.2,250 crore in the first three quarters of this current fiscal.

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