The Hindu Business Line : Direct tax collections up 38.6% in Apr-June

New Delhi, July 4 Aided by sharp growth in tax deduction at source (TDS) collections, the Centre’s net direct tax collections grew 38.61 per cent in the first quarter of the current fiscal to Rs 57,373 crore compared with Rs 41,391 crore in the corresponding period last year.

The gross collections for the period under review stood at Rs 68,951 crore, which represents a 41.6 per cent increase over collections of Rs 48,693 crore during the first quarter last fiscal.

While net corporate tax collections grew 32.65 per cent at Rs 34,566 crore (Rs 26,058 crore), personal income tax (including FBT, STT and BCTT) increased by 48.84 per cent to Rs 22,782 crore (Rs 15,306 crore).

A CBDT official noted that growth in direct tax collections has been maintained, despite much larger refund payouts at Rs 11,578 crore (Rs 7,300 crore).

Among regions, tax growth in Mumbai and Delhi was 40.19 per cent and 53.57 per cent, respectively. Other regions with high tax growth are Nagpur (74.08 per cent); Kochi (68.08 per cent); Bangalore (47.26 per cent) and Kolkata (45.30 per cent).

The cost of direct tax collection has declined to an all-time low of 0.54 per cent during 2007-08, amongst the lowest in the world.

Buoyant direct tax revenues had prompted the CBDT to recently revise upwards the direct tax collection target for 2008-09 at Rs 3,95,000 crore, from earlier budget estimate level of Rs 3,65,000 crore. In 2007-08, the direct tax collections stood at about Rs 3,14,000 crore.

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