Direct taxes cross Rs 2 lakh crore mark

New Delhi, Jan 1: Finance Minister P Chidambaram today said direct tax collections reached Rs 2,05,000 crore during April-December 2007 and look all set to cross Rs 3,00,000 crore mark by the end of current financial year.

Briefing the media on the first day of the new year, he said the new income tax code is ready and will be released with the discussion papers. Direct taxes are now the largest contributor of the government exchequer, he said. He said corporate tax collection touched Rs 1,27,683 crore, while personal income tax collection stood at Rs 77,380 crore in the April-December 2007 period, recording a growth of 39.84 per cent and 50.06 per cent respectively.

UNI