Direct tax kitty rose by nearly 11% in the month of October, 2008 and stood at Rs 19,708 crore, compared to Rs 18,809 crore in the corresponding period of last fiscal. The government had decided to raise the collection in budget from Rs 3,65,000 crore to a little less than Rs 4,00,000 crore and to achieve this initial budget estimate, direct taxes need to grow by nearly 16.07%.
During the period of April-October 2008, tax collections of corporate tax and personal income tax including fringe benefit tax, securities transaction tax and banking cash transaction tax rose by nearly 29.52% to Rs 1,66,905 crore. Corporate tax collections jumped by 32.74% at Rs 1,05,174 crore, while personal income tax up by 17.65 % in the first seven months of the current financial year. Fringe benefit tax grew by 47.43% at Rs 4061 crore in the same period. Due to economic turmoil and slowdown of stock market securities transaction tax collections has witnessed a negative growth of 1.6% at Rs 3724 crore. Banking cash transaction tax grew by 17.73% at Rs 366 crore.
During the period of April-October 2008, tax collections of corporate tax and personal income tax including fringe benefit tax, securities transaction tax and banking cash transaction tax rose by nearly 29.52% to Rs 1,66,905 crore. Corporate tax collections jumped by 32.74% at Rs 1,05,174 crore, while personal income tax up by 17.65 % in the first seven months of the current financial year. Fringe benefit tax grew by 47.43% at Rs 4061 crore in the same period. Due to economic turmoil and slowdown of stock market securities transaction tax collections has witnessed a negative growth of 1.6% at Rs 3724 crore. Banking cash transaction tax grew by 17.73% at Rs 366 crore.
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