DIRECT TAX COLLECTIONS RECORD GROWTH OF OVER 42.9 PERCENT TILL 15TH NOVEMBER THIS FISCAL

Direct tax collections recorded a growth of over 42.9 percent for the period 1st April 2007 to 15th November 2007. Net tax collections stood at Rs.1,40,373 crore, up from Rs.98,216 crore during the same period last fiscal.

Corporate Tax registered a growth of 45.74 percent at Rs.83,934 crore, up from Rs.57,593 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 39.96 percent at Rs.56,212 crore, up from Rs.40,453 crore.

Growth in Securities Transaction Tax was 69.37 percent (Rs.4,924 crore against Rs.2,908 crore) and Fringe Benefit Tax was 27.11 percent (Rs.3,078 crore against Rs.2,422 crore). Banking Cash Transaction Tax grew by 16.99 percent.

Tax deduction / collection at source increased by over 50 percent, while self-assessment tax (paid voluntarily before submission of tax return) increased by 89.3 percent, indicating continued improvement in tax administration and tax compliance levels.

With net collection of Rs.1,40,373 crore, over 52 percent of the budgeted direct tax target of Rs.2,67,490 crore stands already achieved.