This is a 33.3 per cent increase over the Rs 42,538 crore (Rs 425.38 billion) collected during the corresponding period last year.

The income tax collections during April-November 2004 were estimated 25.4 per cent higher at Rs 25,817 crore (Rs 258.17 billion), compared to Rs 20,586 crore (Rs 205.86 billion) during the corresponding period in 2003-04.

The corporate tax collections improved further posting an increase of 40.7 per cent during the eight-month period.

Corporate tax mop-up was estimated at Rs 30,889 crore (Rs 308. 89 billion) during April-November 2004, as against Rs 21,951 crore (Rs 219.51 billion) during the corresponding period last year.

Direct tax collections during April-November were 40.6 per cent of the Budget estimates.

The Controller General of Accounts has also rectified the misclassification of around Rs 6,100 crore (Rs 61 billion) of corporate tax, which was reported as income tax due to misreporting in the tax challans.

Accordingly, the data for the period up to November 30 reflects a higher corporate tax collection over the income tax.

While the direct tax collections appear to be on target, the revenue department has instructed its field formations to step up visits in order to ensure better tax compliance.

The department has already revised upwards its internal target for income tax by Rs 5,000 crore (Rs 50 billion) and for Customs by Rs 2,000 crore (Rs 20 billion) in order to overcome the Rs 7,000 crore (Rs 70 billion) shortfall in excise duty collection.