Income Tax collections - all time record
India is really smiling; it's not the Stock index alone which is rising. Direct tax collections maintained a growth of over 40 percent for the six-month period ended September 2007. Net tax collections stood at Rs.1,11,055 crore, up from Rs.79,208 crore during the same period last fiscal.
Corporate tax recorded a growth of 41 percent at Rs.72,240 crore, up from Rs.49,813 crore during the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew by 39 percent at Rs.40,744 crore, up from Rs.29,329 crore. The growth in Securities Transaction Tax (STT) was 48 percent and Banking Cash Transaction Tax (BCTT) was 17 percent. Fringe Benefit Tax (FBT) recorded a growth of 103 percent.
In terms of payment types, advance tax increased by 30 percent and tax deducted at source (TDS) by 48 percent indicating all-round buoyancy in taxes. Self-assessment tax grew by 80 percent, indicating better tax compliance levels.
Can anyone blame the FM for these collections?