Direct tax collections up 22% during Apr-Nov 08

>> Saturday, December 6, 2008

Net direct tax collections have witnessed growth of 22.2% to stand at Rs 1,772.51 billion during the first eight months of the present fiscal (up to November 2008) from Rs 1,450.53 billion.

Corporate taxes witnessed an increase of 26.82% to stand at Rs 1,097.35 billion as against Rs 865.26 billion, while personal income tax (including fringe benefit tax (FBT), securities transaction tax (STT) and banking cash transactions tax  (BCTT) grew at 15.28% to stand at Rs 672.15 billion as against Rs 583.04 billion.

Growth in FBT was 34.47% (Rs 41.20 billion as against Rs 30.64 billion) and in BCTT was 17.33% (Rs 4.21 billion as against Rs 3.59 billion. STT, however, declined by 15.42% (Rs 41.65 billion as against 49.24 billion) on account of reduced capitalization in the Indian securities market.

Growth in Corporate tax deduction at source (TDS) continues to remain robust at 45% to stand at Rs 404.50 billion as against Rs 278.92 billion. Growth in the dividend distribution tax (DDT) of domestic companies also remained robust at 41.84% to stand at Rs 96.75 billion as against Rs 68.21 billion.

Advance tax collections had recorded positive growth in mining, mineral, metal, engineering, Indian banking, telecom, IT, pharma, and consumer goods sectors up to September 2008. The next installment of advance tax becomes due on Dec. 15, 2008.

Direct tax collections have already reached 48.56% of the budget estimates of Rs 3,650 billion, which is pegged at 16.07% above the actual collection of Rs 3,144.68 billion (provisional) during the last fiscal (2007-08). -