Direct tax mop-up jumps 19 percent, beats target
By IANSTuesday, October 19, 2010
EW DELHI - Direct tax collections increased 19.09 percent to Rs.1,81,758 crore in the first six months of current fiscal, beating the budgetary target.
Net direct tax collections during April-September period rose to Rs.1,81,758 crore as compared to Rs.1,52,625 crore during the corresponding period last year, according to data released by the Central Board of Direct Taxes Tuesday.
According to the budgetary estimate, the government targeted a 13.67 percent year-on-year increase in direct tax collections in fiscal 2010-11. Collection in the first six month accounted for 42.27 percent of the budgeted target of Rs.4,30,000 crore.
Corporate income tax collection rose 21.74 percent to Rs.1,22,433 crore during the reporting period as compared to Rs.1,00,572 crore during the same period last year.
Collections from personal income tax that include Securities Transaction Tax and residual FBT/BCTT grew 13.79 percent to Rs.59,053 crore. While wealth tax collection rose 18.47 percent to Rs.263 crore.
However, Securities Transaction Tax fell 10.38 percent to Rs.2,874 crore in first six months of fiscal 2010-11 from Rs.3,207 crore during the corresponding period last year.
The sharpest growth in tax collections was recorded in September. Total direct tax collection surged 26.12 percent to Rs.81,647 crore in the last month of the second quarter.
According to official data released last week, indirect tax collection rose 44.4 percent to Rs.1,50,686 crore in the first six months of current fiscal led by almost 67 percent increase in revenue from customs duties.
