India's Direct Tax Collection Grew By 41.2%. India's Direct Tax Collection Grew By 41.2%. Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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India's Direct Tax Collection Grew By 41.2%.

May, 26th 2008
The net direct tax collections in India as on 31st January stood at Rs. 1,56,429 crore, which is up by 41.2% over the collection of Rs. 1.10,780 crore in the corresponding period last year. Corporate tax collections were up by 48.6% at Rs.97,787 crore while personal income tax (including FBT) was up by 27.5% at Rs.54,185 crore. Securities Transaction Tax (STT) and Banking Cash Transaction Tax (BCTT) stood at Rs.3,812 crore and Rs.404 crore, growing by 90.2% and 72% respectively. The Fringe Benefit Tax (FBT) also experienced a healthy growth rate of 41.6% and stood at Rs.3,984 crore. The collection of personal income taxes have improved further during January 2007, indicating higher tax deductions at source (TDS). Earlier, in December 2006, the increase of Rs.35,469 crore in tax collection was mostly on account of the December installment of advance tax, indicating continued stronger performance by India Inc. More over the Net direct tax collections have grown by 41.2% so far, outpacing the targeted growth of 27.5% as per the Budget Estimates for the fiscal 2006-07.