Direct tax collections maintained a growth of over 40 percent up to the period ended October 2007. Net tax collections stood at Rs.1,28,864 crore, up from Rs.90,180 crore during the same period last fiscal registering a growth of 43.15 percent.
Corporate tax recorded a growth of 45.71 percent at Rs.78,785 crore, up from Rs.50,072 crore during the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew by 39.39 percent at Rs.49 ,890 crore, up from Rs.35,805 crore. Growth in Securities Transaction Tax (STT) was 57.61 percent (Rs.3,783 crore against Rs.2,400 crore) and Fringe Benefit Tax (FBT) was 29.94 percent (Rs.2,755 crore against Rs.2,120 crore). Banking Cash Transaction Tax (BCTT) grew by a modest 15.79 percent, indicating decreasing incidence of large cash withdrawals.
In terms of payment types, advance tax increased by 28.44 percent and tax deducted at source (TDS) by 49.13 percent indicating all-round buoyancy in taxes. Self-assessment tax grew by 77.64 percent, indicating better tax compliance levels.
Corporate tax recorded a growth of 45.71 percent at Rs.78,785 crore, up from Rs.50,072 crore during the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew by 39.39 percent at Rs.49 ,890 crore, up from Rs.35,805 crore. Growth in Securities Transaction Tax (STT) was 57.61 percent (Rs.3,783 crore against Rs.2,400 crore) and Fringe Benefit Tax (FBT) was 29.94 percent (Rs.2,755 crore against Rs.2,120 crore). Banking Cash Transaction Tax (BCTT) grew by a modest 15.79 percent, indicating decreasing incidence of large cash withdrawals.
In terms of payment types, advance tax increased by 28.44 percent and tax deducted at source (TDS) by 49.13 percent indicating all-round buoyancy in taxes. Self-assessment tax grew by 77.64 percent, indicating better tax compliance levels.
Continued buoyancy in direct tax collections indicates healthy growth in the economy, better tax administration and improving tax compliance levels.
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