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January 18, 2008 18:03 IST
Rising incomes and better compliance enabled the government to collect Rs 2,17,149 crore (Rs 2171.49 billion) in net direct taxes till January 15 this fiscal, up by 41.93 per cent from a year ago.
Personal income tax was up by whopping 50.15 per cent, while corporate tax grew by 37.22 per cent. This indicates continued improvement in tax administration and tax compliance levels, an official release said.
With this, the government has already collected 81 per cent of the budget target of Rs 2,67,490 crore (Rs 2674.90 billion) from direct taxes this fiscal.
The Central Board of Direct Taxes now hopes to collect more than Rs 3 lakh crore from direct taxes this fiscal. Direct tax collections stood at Rs 1,52,993 crore (Rs 1529.93 billion) till January 15 last fiscal.
Corporate tax collections rose to Rs 1,32,948 crore (Rs 1329.48 billion) from Rs 96,883 crore (Rs 968.83 billion) in a year ago period.
Personal income tax collections, including FBT, STT and BCTT, were up at Rs 83,897 crore (Rs 838.97 billion) from Rs 55,874 crore (Rs 558.74 billion).
The government fetched Rs 6,793 crore (Rs 67.93 billion) through Securities Transaction Tax (STT), representing a 78.19 per cent rise over Rs 3,812 crore (Rs 38.12 billion), as number of transactions increases in the stock markets.
The Fringe Benefit Tax (FBT) was up 64.79 crore (Rs 647.9 million) at Rs 5,121 crore (Rs 51.21 billlion) as against Rs 3,108 crore (Rs 31.08), while Banking Cash Transaction Tax (BCTT) grew by 15.26 per cent at Rs 423 crore (Rs 4.23 billion) from Rs 367 crore (Rs 3.67 billion).
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