Direct tax collections register a growth of 40% with Mumbai at top

New Delhi, Feb 20 (UNI) Direct tax collections continued to record a growth of over 40 per cent from April one 2007 to February 15, 2008.

Net direct tax collections stood at Rs 2,28,745 crore, up from Rs 1,61,776 crore during the same period last fiscal, registering a growth of 41.40 per cent and achieving over 85 per cent of budgeted direct tax target of Rs 2,67,490 crore, according to an official release.

Corporate tax registered a growth of 38.78 per cent at Rs 1,38,073 crore, up from Rs 99,488 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 45.64 per cent at Rs 90,356 crore, up from Rs 62,040 crore.

Growth in Securities Transaction Tax (STT) was 84.64 per cent (Rs 7,878 crore against Rs 4,267 crore) and Fringe Benefit Tax (FBT) was 29.75 per cent (Rs 5,216 crore against Rs 4,020 crore).

Banking Cash Transaction Tax (BCTT) grew by 16.81 per cent (Rs 478 crore against Rs 409 crore).

Mumbai region has recorded the highest overall growth at Rs 83,363 crore compared to Rs 50,227 crore in the same period last fiscal (ie 65.97 per cent) and its contribution to the direct tax collections in the country so far is 36.86 per cent.

Among type of taxes, self-assessment tax (paid voluntarily before filing of tax return) recorded a growth of 62.9 per cent while tax deducted / collected at source recorded a growth of 51.9 per cent, indicating improved tax administration and better tax compliance levels.

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