India''s direct tax receipts were 8.33 per cent higher to Rs.3.38 lakh crore in 2008-09, the finance ministry said on Thursday. However the direct tax collections dropped Rs 6,000 crore short of the target of Rs 3.45 lakh crore for 2008-09 fiscal. The fall is in spite of the decreasing the collection target by the government from Rs 3.64 lakh crore to Rs 3.45 lakh crore to allow for the dent the economic crisis could make on its revenues, the statement said.
According to the ministry, corporate tax collections were 10.8 per cent up to Rs 2.14 lakh crore last fiscal. In addition, individual income tax receipts were 9.1 per cent higher at Rs 1.24 lakh crore.
"Despite economic slow-down and substantial relief to non-corporate taxpayers, direct tax collections exceeded the previous year''s collection by about Rs 26,000 crore," the ministry statement said.
Corporate tax deducted at source reported 35.4 per cent rise to Rs 61,683 crore, compared to Rs 45,450 crore the previous fiscal.
According to the ministry, corporate tax collections were 10.8 per cent up to Rs 2.14 lakh crore last fiscal. In addition, individual income tax receipts were 9.1 per cent higher at Rs 1.24 lakh crore.
"Despite economic slow-down and substantial relief to non-corporate taxpayers, direct tax collections exceeded the previous year''s collection by about Rs 26,000 crore," the ministry statement said.
Corporate tax deducted at source reported 35.4 per cent rise to Rs 61,683 crore, compared to Rs 45,450 crore the previous fiscal.
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