Net direct tax collections shot up by 38.5% for the period between April 1, 2006-January 22, 2007, compared with tax collections for the same period last fiscal, owing to the buoyancy in the manufacturing and services sector.
The net direct tax collections have increased to Rs 1,32,018 crore as on January 22, against Rs 1,09,667 crore, up by 38.5%, a senior finance ministry official said.
He said the gross tax collections have reached Rs1,82,880 crore during the same period, while Rs 27,438 crore refunds have been issued to income tax assesses.
The gross corporate tax collections have grown by 43.2% to Rs 1,18,183 crore as on January 22, against Rs 82,550 crore during the corresponding period last fiscal.
The personal income tax collections have grown by 27.3% to Rs 56,288 crore from Rs 44,215 crore during the same period, the official said.
For the first nine months ending December 31, 2006, the government had collected a direct tax of Rs 1,44,286 crore out pacing the targeted growth of 27.5% over last year as per the budget estimates for the current fiscal.
TAXING TIME Corporate taxes are up by 51.8% while income tax was up by 27.1% FBT also registers a growth of 65.2% during the period ending December The Budget target for direct tax collection this fiscal pegged at Rs 2,10,684 crore
Corporate taxes were up by 51.8% at Rs 92,463 crore, while income tax (including FBT, STT and BCTT) was up by 27.1% at Rs 51,565 crore.
Besides, securities transaction tax and banking cash transaction tax stood at Rs 3,226 crore and Rs 357 crore, an increase of 87.8% and 98.1% respectively.
Fringe benefit tax (FBT) also registered a growth of 65.2% at Rs 2,933 crore during the period ending December. The Budget target for direct tax collection this fiscal is pegged at Rs 2,10,684 crore.