Tuesday, October 7, 2008

Direct Tax Mop-Up Jumps 32.54% - Oct 7, 2008

Deceleration in economic growth has not impacted revenue collections as the realisation from direct taxes have gone up by 32.54 per cent during the first half of the current fiscal. Within the direct taxes, collections from the corporate tax went up by 35.65 per cent taking the total direct tax realisation to Rs 1,47,197 crore, compared with Rs 1,11,055 crore in the year-ago period.

The corporate taxes collection rose to Rs 95,283 crore as against Rs 70,240 crore, while Personal Income Tax (including FBT, STT and BCTT) grew by 26.94 per cent to Rs 51,701 crore. With stock markets on southward direction, securities transaction tax registered a growth of just 2.72 per cent growth at Rs 3,182 crore during the period.

Among the direct tax the Fringe Benefit Tax (FBT) shot up by 62.23 per cent to Rs 3,580 crore.At the same time, growth in corporate tax deducted at source (TDS) remained above 52 per cent and personal income tax TDS grew at 28 per cent despite substantial tax relief allowed to individual taxpayers in the budget 2008.

No comments: