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Direct tax collections
up 38.3% in first 5 months of FY`09
New Delhi, September 04, 2008
Belying fears of an economic slowdown, direct tax
collections have gone up by 38.3 percent in the first five
months of the current fiscal at Rs 84,409 crore, compared to
Rs 61,030 crore in a year-ago period.
The corporate taxes rose by 43.49 percent to Rs 48,450 crore,
against Rs 33,766 crore, while Personal Income Tax (including
FBT, STT and BCTT) grew by 31.79 percent to Rs 35,840 crore,
an official release said.
Amids volatility in stock markets, securities transaction tax
registered a 15.10 percent growth at Rs 2,730 crore during the
period.
Fringe Benefit Tax (FBT) rose by 31.85 percent to Rs 1,339
crore.
However, Banking Cash Transaction Tax (BCTT) posted a negative
growth of 21.36 percent at Rs 274 crore against Rs 348 crore.
BCTT was never taken as a revenue generating measure, but was
imposed to keep a track of black money generation.
Analysts said robust tax collections are expected to help the
government maintain fiscal deficit at 2.5 percent during
2008-09 despite increase in expenditure in the election year.
Finance Minister P Chidambaram has reiterated on several
occasions that the Budget deficit targets would be adhered to.
Among regions, tax growth in Delhi and Mumbai was 76.23
percent and 32.49 percent, respectively. Other regions with
high tax growth are Nagpur (88.75 percent); Kochi (58.07 per
cent); Kolkata (56.82 percent); Bhubaneshwar (53.59 percent)
and Bangaluru (48.87 percent).
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