The government's net direct tax collection surged 40.5 per cent to Rs 1,06,095 crore (Rs 1060.95 billion) till September 21 this fiscal on the back of a robust corporate sector and rising incomes in the booming economy.The government had mobilised Rs 75,510 crore (Rs 755.10 billion) during the corresponding period of the last financial year.
Corporate tax made up more than 63 per cent of the total collections at Rs 67,207 crore (Rs 672.07 billion). This represented 42.3 per cent rise in the collections from Rs 47,207 crore (Rs 472.07 billion) in April- September 21 last year, according to an official release.
Personal income tax collections grew by 37.47 per cent at Rs 38,819 crore (Rs 388.19 billion). The bullish capital markets helped the government collect 45.52 per cent more from securities transaction tax.
Collections from Banking Cash Transaction Tax were up 21.36 per cent and fringe benefit tax over 87.41 per cent.
In terms of payment types, advance tax increased by 32 per cent and tax deducted at source by 48 per cent, indicating all-round buoyancy in taxes. Self-assessment tax grew by 81 per cent, indicating better tax compliance levels.
The government has set a target Rs 5,48,122 crore (Rs 5481.22 biillion) tax collection as against Rs 4,67,848 crore (budget estimates) in the previous fiscal, representing an increase of over 17 per cent. The targeted amount includes Rs 2,67,490 crore (Rs 2674.90 billion) through direct tax collection.
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