Net direct tax collections grows 41.2 pc

New Delhi, Feb 2 (UNI) Net direct tax collections as on January 31, 2007 stood at Rs 1,56,429 crore, up 41.2 per cent over Rs 1,10,780 crore collected during the corresponding period last year, outpacing the targeted growth of 27.5 per cent for this fiscal.

Corporate taxes were up by 48.6 per cent at Rs 97,787 crore while personal income tax (including FBT) was up by 27.5 per cent at Rs 54,185 crore, an official statement said today.

Securities Transaction Tax (STT) and Banking Cash Transaction Tax (BCTT) stood at Rs 3,812 crore and Rs 404 crore, growing by 90.2 per cent and 72 per cent respectively.

Fringe Benefit Tax (FBT) also registered a healthy growth of 41.6 per cent and stood at Rs 3,984 crore.

The collection of personal income taxes has improved further during January 2007, indicating higher tax deductions at source (TDS), the statement added.

In December 2006 the increase of Rs 35,469 crore in tax collections was mostly on account of the December installment of advance tax, indicating continued strong performance by India Inc.

UNI