Direct Tax Collections Zoom 44.39%

The government announced a 44.39 per cent jump in collection of direct taxes, including corporate and income tax, to Rs 59,210 crore till August 15 over Rs 41,006 crore a year ago.

The continued buoyancy in direct tax collections is a reflection of the robust growth in the economy, better tax compliance and improved tax administration, a Finance Ministry statement said.

The government aims to collect Rs 5,48,122 crore in tax as against Rs 4,67,848 crore (budget estimates) in the previous fiscal, an over 17 per cent increase. The targeted amount includes Rs 2,67,490 crore through direct taxes.

Till August 15, collections through corporate tax recorded a growth of 52.25 per cent to Rs 33,164 crore from Rs 21,783 crore during last fiscal.

Personal income tax, including fringe benefit tax, security transaction tax (STT) and banking cash transaction tax (BCTT), grew by 35.57 per cent at Rs 25,989 crore, against Rs 19,170 crore during the same period last fiscal.

The statement said that STT posted a growth of 36.30 per cent at Rs 2,495 crore, while BCTT grew by 29.71 per cent at Rs 207 crore. Meanwhile, during April-July period, government has collected Rs 66,417 crore through customs and excise duties, posting an 11.6 per ce