FBT collections over 500 Crores in Q1
The Government has found a new avenue for revenue. An amount of Rs.583 crore has been collected as Fringe Benefit Tax and an amount of Rs.20 crore has been collected as Banking Cash Transaction Tax for the first quarter of the current financial year.
Banking Cash Transaction Tax came into effect on 1st of June, 2005 and so the collections of the first quarter actually represent the collections of only one month.