Direct tax collections up 32.54% in first half of FY09

New Delhi, Oct 6 (UNI) The government today said net direct tax collections during the first six months of the current fiscal has increased 32.54 per cent to Rs 1,47,197 crore, compared to Rs 1,11,055 crore in the year-ago period.

The corporate taxes grew 35.65 per cent to Rs 95,283 crore as against Rs 70,240 crore, personal income tax (including FBT, STT and BCTT) went up 26.94 per cent to Rs 51,701 compared to Rs 40,729 crore.

According to an official statement, growth of Fringe Benefit Tax (FBT) was 62.23 per cent at Rs 3,580 crore against Rs 2,207 crore in the year-ago period, securities transaction tax (STT) grew 2.72 per cent at Rs 3,182 crore against Rs 3,098 crore and Banking Cash Transaction Tax (BCTT) jumped 17.65 per cent to Rs 320 crore compared to Rs 272 crore in the corresponding period last year.

The corporate tax deducted at source (TDS) as on September 30 stood at Rs 30,810 crore, whereas it was Rs 20,210 crore during the corresponding period last year, recording a growth of 52 per cent.

The personal income tax deducted at source grew at 28 per cent despite substantial tax relief allowed to individual taxpayers in the Budget 2008. The PIT TDS stood at Rs 33,276 crore as against Rs 26,002 crore in the same period.

Self-assessment tax paid by both corporate and non-corporate taxpayers, voluntarily before filing their tax returns, registered substantial growth at 111 per cent and 71 per cent, respectively.

Continued high growth in TDS and FBT collections indicates inherent strength of the Indian economy and improvement in tax administration, while high growth in self-assessment tax implies improvement in tax compliance levels.

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