Pranab releases Rs 150 commemorative coin

New Delhi, Feb 26 (PTI) Finance Minister Pranab Mukherjeetoday said direct taxes collections have risen by 20 per centto Rs 3.35 lakh crore so far during the current financialyear.

Direct taxes collections have grown at an average annualrate of 24 per cent in the last five years and has nearlytrebled from Rs 1,32,771 crore in 2004-05 to about Rs 3,78,000crore in 2009-10.

It''s share in GDP has also increased from 4.1 percent to6.1 percent.

"This sustained growth has been possible due torationalisation of tax structure, improvement in taxadministration and persistent efforts of the employees ofIncome Tax department,'' Mukherjee said here.

"Direct taxes collections have registered a growth of 20per cent during the current fiscal so far and have reachednearly Rs 3.35 lakh crore", the finance minister said.

He said direct taxes are now the major resource providerto the Central Government for undertaking developmental works.

The Finance Minister was speaking after releasing thecommemorative coins in denomination of Rs 150 and Rs 5 to markthe completion of year long celebrations of 150 years ofIncome Tax collections.

The function to commemorate the occasion was titled''Income Tax � 150 years of Building India''.

One side of the coin bear the portrait of ''Chanakya andLotus with Honeybee''.

The Rs 150 coin is not only unique for its denominationbut also its size and metal composition.

This 44 millimetres circular coin is made of 50 per centsilver.

The year long celebrations were inaugurated by Mukherjeein July 2010 to mark completion of 150 years of income tax inIndia.

Income tax was introduced for the first-time in thelegislative history of India vide the Act No. XXXII of 1860.

It had imposed duties on profits arising from property,professions, trades and offices.

It was passed by the Legislative Council of India andreceived the assent of the Governor General on July 24 1860.

This Act was the precursor to the modern income tax law in thecountry.