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Direct tax receipts up 39% y/y in June quarter
July, 04th 2008

India's direct tax receipts jumped 38.6 pct in the quarter to June from a year earlier to Rs 57373 crore ($13.28 billion) riding on robust corporate payments, a finance ministry statement said on Friday.

The finance minister said on Tuesday the government hopes strong revenue growth in the year to March 2009 would help keep the fiscal deficit below its annual target.

But an analyst said the last quarter's figures were a spill-over from high economic growth of the last 2 years, adding expansion in receipts may taper off.

"Going forward, we don't expect this momentum in tax collection will continue. The fiscal deficit is going to be wider at 3-3.5 per cent of GDP," said N.R. Bhanumurthy, an economist with the Institute of Economic Growth.

On Friday, the finance ministry said corporate taxes came in 32.7 per cent higher at Rs 34566 crore during the April-June period, while income tax receipts stood at Rs 22782 crore, 48.8 per cent more than a year ago.

Growth in tax collections in June slowed from a scorching 71.3 per cent growth in the April-May period as the government made a hefty refund payout of Rs 11578 crore.

The government expects robust tax revenue in the year to March 2009 to keep the fiscal deficit below a target of 2.5 per cent of gross domestic product (GDP) in 2008/09 compared to 2.8 per cent of last year.

The cash-strapped government has pledged to spend billions of rupees on populist schemes ahead of elections and has to foot a heft subsidy bills in order to keep fuel and food prices low.

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