Direct tax collections up 38.61% at Rs 57,373 cr for Q1 FY09

New Delhi, Jul 4 (UNI) In spite of a slowdown in the growth of industrial production and merchandise exports, the direct tax collections in the first quarter of the current fiscal grew 38.61 per cent at Rs 57,373 crore from Rs 41,391 crore in the ds corresponding period last year.

Corporate taxes registered 32.65 per cent jump at Rs 34,566 crore as against Rs 26,058 crore, while personal income tax grew 48.84 per cent to Rs 22,782 crore from Rs 15,306 crore during the Q1 FY08.

''The growth in direct taxes has been maintained despite much larger refund payouts at Rs 11,578 crore as against Rs 7,302 crore during the corresponding period last fiscal,'' an official statement said here.

Growth in fringe benefit tax (FBT) was 38.74 per cent, while securities transaction tax (STT) grew 22.11 per cent and banking cash transaction tax increased 21.03 per cent.

Among the various regions, tax growth in Mumbai was 40.19 per cent, while Delhi registered 53.57 per cent increase.

Other regions with high tax growth are Nagpur with 74.08 per cent); Kochi 68.08 per cent; Bangaluru 47.26 per cent and Kolkata 45.30 per cent.

Tax deducted at source continued to drive direct tax collections with a growth of about 50 per cent while self-assessment tax grew at 35 per cent.

The cost of direct tax collection, on the other hand, has declined to an all-time low of 0.54 per cent during 2007-08, amongst the lowest in the world.

UNI MP AK RK1840