INDIA BUSINESS WORLD - OCTOBER 21st - NOVEMBER 15th
- 2007
APR-OCT DIRECT TAX MOPUP RISES 43%
The government's cash registers are ringing. The direct tax collections continued to grow by over 43% in the first seven months (April-October) of the fiscal year to Rs 1,28,864 crore, belying all apprehensions of a slowdown in the manufacturing or services sectors.
The budget estimate for direct tax collections is pegged at Rs 2,67,490 crore, with a growth rate target of 18%. With this scorching pace of growth, the direct tax collections look all set to cross Rs 3,00,000 crore, exceeding revenue collections from indirect taxes.
"Continued buoyancy in direct tax collections indicates a healthy growth in the economy, better tax administration and improving tax compliance levels," said a central board of direct taxes official.
Corporate tax collections recorded a growth of 45.71% at Rs 78,785 crore, compared to Rs 54,072 crore during the yearago period, countering notions that industrial growth was slowing down.
Personal income tax (including fringe benefit tax, securities transaction tax and banking cash transaction tax) grew 39.39% to Rs 49,890 crore during the period from Rs 35,805 crore in April-October 2006, a CBDT statement said. Growth in STT was 57.61% at Rs 3,783 crore compared to Rs 2,400 crore in the year-ago period. FBT mopup was up 29.94% at Rs 2,755 crore against Rs 2,120 crore. BCTT grew by a modest 15.79% during the period, indicating a decrease in incidence of large cash withdrawals.
Advance tax collections increased by 28.44 % and tax deducted at source (TDS) grew by 49.13%, indicating all-round buoyancy in taxes. Refund payouts in personal income tax category were also up, growing by 47.16% during the period under review.
|
