Net Direct Tax Mop Up Rise 47-Pc - Aug 07 , 2008

The net mop up of the Centre''s direct tax revenues witnessed a 46.95 per cent rise in the first four months of the current fiscal. The net direct tax collections was Rs 71,648 crore during April-July 31 this year as compared with Rs 48,756 crore collected in the same period last year. While corporate tax collections rose 50.08 per cent to Rs 41,598 crore (Rs 27,718 crore), personal income tax (including FBT, STT and BCTT) grew 42.82 per cent to Rs 29,982 crore (Rs 20,993 crore).

The strong growth in personal income tax collections has come in the backdrop of an increase in the threshold exemption limit of taxation from Rs 1.10 lakh to Rs 1.5 lakh and also an increase in the tax slabs in budget 2008-09. Growth in direct tax collection has been driven by a growth of 44.56 per cent in tax deducted/collected at source (TDS/TCS), which stood at Rs 45,935 crore as against Rs 31,776 crore in the earlier year. Growth in corporate TDS/TCS was particularly high at 60.6 per cent. Among regions, tax growth in Mumbai and Delhi was 36.33 per cent and 76.40 per cent, respectively.

Other regions with high tax growth are Nagpur (77.80 per cent); Kochi (58.08 per cent); Kolkata (49.87 per cent); Hyderabad (40.69 per cent) and Bangalore (40.25 per cent).