Tax Growth unabated
Has the recession bypassed India?
Net direct tax collections during first six months of the present fiscal (up to September 2009) stood at Rs.1,52,625 crore , up from Rs.1,47,197 crore in the same period last fiscal, registering a growth of 3.69 percent.
Growth in Corporate Taxes was 5.55 percent (Rs.1 ,00,572 crore as against Rs.95,283 crore), while Personal Income Tax (including STT , and residual FBT and BCTT) grew at 0.38 percent ( Rs.51,897 crore as against Rs.51,700 crore).
Net collections during the month of September 2009 continued to be positive at Rs.64,737 crore compared to Rs.62,788 crore during September 2008; while growth in Securities Transaction Tax (STT) also remained positive at 0.79 percent during April-September 2009 ( Rs.3,207 crore as against Rs.3,182 crore) compared to the corresponding period last fiscal.
Advance tax collections showed a net growth of 2.15 percent up from a negative growth of 6.17 percent in the first quarter (June) in the present fiscal compared to last year. During the second quarter, the net growth in advance tax was 6.21 percent. Particularly, corporate advance tax registered a growth of 12.24 percent during the second quarter, up from a negative growth of 3.44 percent in the first quarter. India.Inc is doing well?