Direct tax mop-up zooms 50% in 5 months to Rs 43k cr
September, 07th 2006
Direct tax collections in the first five months (April- August) of the current fiscal have shot up by 50.3%, riding on back of a 70% rise in corporate tax collections. The government has budgeted for a 25% rise in direct tax receipts in 06-07.
Total direct tax collection including personal income tax, corporate tax, fringe benefit tax, banking cash transaction tax, and securities transaction tax was up from Rs 28,554 crore to Rs 42,917 crore in April-August 06, official sources told ET.
Corporate tax collection recorded a cumulative growth of 70% at Rs 22,587 crore in the first five months of the current fiscal as against Rs 12,258 crore in April-August 05. Personal income tax collections rose by 32.9% to Rs 20,330 crore during the period as against Rs 15,296 crore in April-August 05.
On the indirect tax front, customs collections were up by 34% to Rs 34,110 crore in April-August 06 from Rs 25,446 in the same period of the previous fiscal. In August 06, customs collections stood at Rs 7,407 crore as against Rs 5,694 crore in August 05, a growth of 30%.
In August this fiscal, personal income tax collection stood at Rs 3,802 crore, up by 9.47% from Rs 3,472 crore in August 05. Corporate collection was up by 11.54% to Rs 3,034 crore in August 06 from Rs 2,720 crore in August 05.
The budgetary estimate on the direct tax front is Rs 2,10,419 crore for the fiscal. For customs, the budgetary estimate is Rs 77,066 crore.