Revenue collections soar – Income Tax up by 42%
India is shining and the tax collections are brighter. Excise, customs, Service Tax, Income Tax, you name it, it is going up. Even the innocuous Banking Cash Transaction Tax has brought in Rs.357crore – this is almost double the amount collected last year. The net direct tax collections till December 2006 stood at Rs.1,44,286crore, up by 41.8%. Of this corporate tax accounted for Rs.1,12,369crore, indication that India Inc is fine.
The Finance Minister targeted a 27.5% growth rate in tax collection and as of now the rate is 41.8%. FM can smile broadly.