Direct tax collections up by 42 per cent in Apr- Aug

New Delhi, Sep 6 (UNI) Direct tax collections recorded a hefty growth rate of 42 per cent for the five-month period ending August 2007.

Net tax collections stood at Rs.61,030 crore, up from Rs.42,980 crore during the same period last fiscal.

Corporate tax recorded a growth of 49.49 per cent at Rs.33,766 crore, up from Rs.22,587 crore during the previous fiscal.

Personal Income Tax (including Fringe Benefit Tax(FBT), Securities Transactions Tax(STT) and Banking Cash Transactions Tax(BCCT)) grew by 33.76 per cent at Rs.27,206 crore, up from Rs.20,340 crore.

The growth in STT was 35.16 per cent and BCTT was 79.73 per cent.

During the fiscal 2007-08, direct tax collections have consistently maintained a growth of more than 40 per cent, reflecting continued buoyancy in the economy, better tax compliance and improved tax administration, an official release said here today.

UNI