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Direct tax collections up 42%
January, 19th 2008
Higher net direct tax collections continued in the first fortnight of 2008, grossing over Rs 2,17,149 crore during the April 2007-January 15, 2008 period. The increase worked out to 41.93 per cent over last fiscal same period collections. Personal income tax was up by 50.15 per cent, while corporate tax grew by 37.22 per cent. The continued improvement in tax administration and tax compliance levels helped in better tax collections, a release said here.

With this, the Government has already collected 81 per cent of the budget target of Rs 2,67,490 crore from direct taxes this fiscal, it added.

Corporate tax collections rose 37.22 per cent to Rs 1,32,948 crore from Rs 96,883 crore in a year ago period.

Personal income tax collections, including FBT, STT and BCTT, were up at Rs 83,897 crore from Rs 55,874 crore.

The Government collected Rs 6,793 crore through Securities Transaction Tax (STT), representing a 78.19 per cent rise over Rs 3,812 crore. While the Fringe Benefit Tax (FBT) was up 64.79 crore at Rs 5,121 crore as against Rs 3,108 crore, the Banking Cash Transaction Tax (BCTT) grew by 15.26 per cent at Rs 423 crore from Rs 367 crore, the release added.

The tax deducted at source increased by over 51 per cent while self-assessment tax (unpaid taxes paid voluntarily before submission of tax return) increased by over 59 per cent.

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