Direct taxes up 43 per cent in Apr-Oct y-on-y

Subscribe to Oneindia News

New Delhi, Nov 5 (UNI) Direct tax collections grew by 43.15 per cent during the April-October year-on-year (yoy) totalling Rs 1,28,864 crore.

Direct tax receitps during the same period last year stood at Rs 90,180 crore.

Corporate tax receipts were up 45.71 per cent at Rs 787.785 crore, during the first seven months of fiscal 2007-08, while income tax collections rose 39.4 per cent to Rs 49,890 crore.

Corporate tax stood at Rs 50,072 crore during the same period in previous fiscal.

Growth in Securities Transaction Tax (STT) was 57.61 per cent (Rs 3,783 crore against Rs 2,400 crore) and Fringe Benefit Tax (FBT) was 29.94 per cent (Rs 2,755 crore against Rs 2,120 crore).

Banking Cash Transaction Tax (BCTT) grew by a modest 15.79 per cent, indicating decreasing incidence of large cash withdrawals.

In terms of payment types, advance tax increased by 28.44 per cent and Tax Deducted at Source (TDS) by 49.13 per cent, indicating all-round buoyancy in taxes.

Self-assessment tax grew by 77.64 per cent, indicating better tax compliance levels.

Refund payouts in personal income tax (PIT) category were ahead by 47.16 per cent (Rs 6,135 crore against Rs 4,169 crore), with over 30 lakh refunds having been issued during the period.

The Refund Banker Scheme launched in Delhi and Patna towards the end of last fiscal and extended subsequently to Kolkata, Chennai, Bangalore and Mumbai has helped increase the pace of refunds, an oficial release said here today.

It will now be extended to the entire country for the PIT category of taxpayers.

"Continued buoyancy in direct tax collections indicates healthy growth in the economy, better tax administration and improving tax compliance levels", the relesae said.

UNI

Please Wait while comments are loading...