42% growth in Income Tax Collections

By Vijay Kumar

The CBDT can smile all the way to the bank!

India's net tax collections stood at Rs.61000 Crores for April-August period, up 42 percent over Rs. 43000 Crores in the last fiscal.

While corporate tax collection recorded a growth of 49.49 percent at Rs.33,766 croreover Rs.22,587 crorelast fiscal, the personal income tax grew 33.76 percent to Rs.27,206 Crores from Rs.20,340 Crores during the period.

During fiscal 2007-08, direct tax collections have consistently maintained a growth of over 40 percent, reflecting continued buoyancy in the economy, better tax compliance and improved tax administration.

The growth in securities transaction tax was 35.16 percent, while banking cash transaction tax was up 79.73 percent.