DIRECT TAX COLLECTIONS POSTS 40% GROWTH

Direct tax collections continued to record a growth of over 40 percent for the first ten months of the current fiscal. Net direct tax collections stood at Rs.2,18,538 crore, up from Rs.1,55,576 crore during the same period last fiscal, registering a growth of 40.47 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore. Corporate Tax registered a growth of 37.54 percent at Rs.1,33,851 crore, up from Rs.97,315 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 45.45 percent at Rs.84,349 crore, up from Rs.57,990 crore. Growth in Securities Transaction Tax (STT) was 85.71 percent (Rs.6,793 crore against Rs.3,658 crore) and Fringe Benefit Tax (FBT) was 30.74 percent (Rs.5,161 crore against Rs.3,948 crore). Banking Cash Transaction Tax (BCTT) grew by 14.51 percent (Rs.460 crore against Rs.401 crore).

Overall direct tax growth was highest in the Mumbai region at 64.26 percent; followed by North Western region (Chandigarh) at 48.19 percent, Pune region at 44.37 percent, Karnataka & Goa regions (Bangalore) at 43.76 percent and Andhra Pradesh region (Hyderabad) at 39.53 percent.

Corporate tax growth was highest in the North-Eastern region (Guwahati) at 254.30 percent; followed by Bihar & Jharkhand regions (Patna) at 75.45 percent, Kerala region (Kochi) at 71.61 percent, eastern Uttar Pradesh (Lucknow) at 71.46 percent and Mumbai at 69.90 percent.

Personal income tax growth was highest in Madhya Pradesh & Chhattisgarh regions (Bhopal) at 393.07 percent; followed by Mumbai at 54.48 percent, part of western Uttar Pradesh region (Meerut) at 52.91 percent, Andhra Pradesh region (Hyderabad) at 49.97 percent, eastern Uttar Pradesh (Lucknow) at 48.84 percent and Tamil Nadu region (Chennai) at 48.41 percent.