Indian Economy booming - Direct tax collection up 15 percent

(posted under Direct tax collection, Indian economy updates) - collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.

The higher realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore, as against Rs 59,465 crore during the corresponding period last fiscal.

According to the figures released by the Finance Ministry here today, corporate tax collection, which is a reflection on the performance of India Inc, soared 21.65 per cent to Rs 43,439 crore during the reporting period. The government expects to mop up Rs 4.3 lakh crore by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.

Govt collects 3.69 percent more direct taxes in september

The Indian Finance ministry has collected 3.10 per cent more in direct taxes in September at Rs 64,737 crores compared to the same period last year.

The growth in government's corporate tax collection for the fist half of this fiscal was more pronounced at 5.55 per cent over last year's. In the first six months, Rs 1,00,572 was collected in corporate taxes compared to Rs 95,283 crore last year, the Central Board of Direct taxes in a statement

However, Personal Income Tax collection for the first half at Rs 51,897 crore saw only a marginal rise of 0.38 per cent over last fiscal. The figures include Securities Transaction Tax and residual Fringe Benefit Tax and Banking Cash Transaction Tax.

Direct tax receipts up by 5.8% in April/May 09

(Direct tax collection updates) - India's April-May direct tax receipts grew by 5.77 per cent from a year earlier to Rs 241.58 billion, the Central Board of Direct Taxes said in a government statement on Friday.

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Corporate tax receipts rose 5.56 per cent to Rs 85.78 billion rupees in the first two months of 2009/10, while income tax collections were up by 5.92 per cent to Rs 155.59 billion, it said.

"Growth during the month of May 2009 was 16.88 per cent at Rs 11,919 crore (119.19 billion) against Rs 10,198 crore, as against a negative growth of 3.19 per cent for the month of April 2009," it added.