Revenue dept on course to surpass budget estimates
The Centre's net direct tax collections grew 39.5 per cent in the period April 1-February 15, more than double the budgeted collection growth rate of little over 19 per cent for the current fiscal.
Official sources said that net direct tax collections stood at Rs 1,61,777 crore as on February 15, representing a 39.5 per cent growth over of Rs 1,15,788 crore in the same period in the previous year.
With the all important final advance tax instalment of March 15 yet to come and a host of demand notices already raised, the revenue department is well on course to not only achieve the budget estimates of Rs 2,10,684 crore but also comfortably surpass it.
The Centre had pegged the budget estimates for 2005-06 at Rs 1,76,812 crore, but later revised it downward to Rs 1,70,077 crore. The direct tax collections in 2005-06 stood at Rs 1,65,208 crore.
In April 1-February 15, 2007, corporate tax collections stood at Rs 99,488 crore. This represents a 45.2 per cent growth over Rs 68,534 crore in the corresponding period the previous year.
Collections under the head of personal income-tax (including fringe benefit tax, securities transaction tax and banking cash transaction tax) surged by 32 per cent to Rs 62,040 crore during April 1-February 15, 2007.
Other taxes (includes wealth tax) saw a decline of about 7 per cent to Rs 249 crore (Rs 268 crore).
While securities transaction tax (STT) for the period under review almost doubled to Rs 4,266 crore (Rs 2,295 crore), fringe benefit tax (FBT) collections stood at Rs 4,020 crore (Rs 2,846 crore). Banking cash transaction tax (BCTT) collections stood at Rs 409 crore (Rs 237 crore).