Tax collections up

By Vijay Kumar

Direct tax collections recorded a growth of 42% for the five-month period ending August 2007. Net tax collections stood at Rs.61,030 crore, up from Rs.42,980 crore during the same period last fiscal.

Corporate tax recorded a growth of 49.49% at Rs.33,766 crore, up from Rs.22,587 crore during the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew by 33.76% at Rs.27,206 crore, up from Rs.20,340 crore. The growth in Securities Transaction Tax (STT) was 35.16% and Banking Cash Transaction Tax (BCTT) was 79.73%.

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

Indirect Taxes:

Customs revenue grew by 18.7% to 40571 Crores and excise Revenue was up by 6.3% to 44469 Crores while service Tax Revenue was up by 38.5% to 13636 Crores. The Indirect taxes revenue has already crossed One lakh Crores and we are just half way through!