New Delhi, Nov 6 (UNI) Net direct tax collections posted a growth of 29.52 per cent at Rs 1,66,905 crore during April-October this year, as against Rs 1,28,864 crore over the same period a year ago.
The collection of Corporate Taxes has seen a 33.49 per cent growth at Rs 1,05,174 crore in the first six months (up to October 2008), as compared to Rs 78,785 crore during the corresponding period last year.
Personal Income Tax (including FBT, STT and BCTT) grew by 23.14 per cent at Rs 61,433 crore during April-October 2008, as against Rs 49,890 crore during April-October 2007.
According to a Finance Ministry statement here, ''the momentum of growht in direct taxes could be maintained, despite present global financial crises/recession and its resultant impact on the Indian economy, mainly on account of a shift in the tax collection strategy of the Central Board of Direct Taxes (CBDT) towards improving the tax deduction at source (TDS) mechanism and encouraging better tax compliance, reflected in growth of 35.78 per cent in TDS and 52.76 per cent in self-assessment tax.'' Growth in Corporate TDS was 48.2 per cent at Rs 36,004 crore as against Rs 24,293 crore in the same period last year.
Despite substantial tax relief allowed to individual taxpayers in the Union Budget 2008, growth of PIT TDS was 26 per cent at Rs 38,868 crore as against Rs 30,845 crore in the same period last year, the statement added.
Growth in corporate TDS above 48 per cent, growht in Fringe Benefit Tax (FBT) above 47 per cent and growth in dividend distribution tax above 48 per cent indicate continued strength of the Indian economy, it added.
Despite lower advance tax payments by certain sectors, such as real estate, infrastructure, cement, automobile, power, textile and downstream oil companies, advance taxes recorded positive growth in mining, mineral, metal, engineering, Indian banking, telecom, IT, pharma, and consumer goods sectors.
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