The government has collected Rs 65,236.5 crore as direct taxes during the first four months of this fiscal, which is 28 per cent higher from last year, due to rising corporate and personal income and better compliance.
After taking in account Rs 11,839.6 crore of refunds that tax authorities paid, the net direct tax collections stood at Rs 53,396.9 crore, up 45.6 per cent year-on-year, Finance Ministry sources said.
For the current fiscal, government has set a target to collect Rs 2,67,400 crore as direct taxes. Last year, the total collection under the head was Rs 2,30,091 crore.
Of the total gross tax collections this fiscal, corporate tax contributed Rs 38,757.4 crore, which is 23.3 per cent more than April-July, 2006.
Personal income tax chipped in Rs 23,415.6 crore, up 39.3 per cent.
Finance Ministry sources attributed the rise in tax collections to the booming economy, which is adding more income to the kitty of individuals and corporates, besides measures taken to tone up tax administration.
Bullish stock market enabled the authorities collect 16.9 per cent more from securities transaction tax at Rs 1,830.7 crore.
The authorities collected Rs 19,901.7 crore through advance tax payments and Rs 31,775.8 crore through tax deducted at source.