The Hindu Business Line : Net direct tax collections up 25.5% in Sept

New Delhi, Oct. 6 The Centre’s net direct tax collections in September 2008 stood at Rs 62,788 crore, showing a growth of 25.51 per cent over Rs 50,025 crore collected in the same month last year. The collections in September are generally healthy, thanks to an advance tax instalment during this month.

In the first half of the current fiscal, the Centre’s net direct tax collections grew 32.54 per cent to Rs 1,47,197 crore (Rs 1,11,055 crore), the latest data released by the Central Board of Direct Taxes (CBDT) showed. This, however, is much lower than the over 40 per cent year-on-year growth achieved last year for the same period.

A CBDT official attributed the slowdown in growth in collections to mainly two reasons — (i) rationalisation in income slabs and hike in exemption limits for individual category taxpayers announced in Budget 2008-09 and (ii) decrease in non-corporate advance tax due to factors such as sluggish activities in stock market.

April-September

For the April-September 2008 period, personal income-tax (including FBT, STT and BCTT) grew 26.94 per cent at Rs 51,701 crore (Rs 40,729 crore), much lower than the 39 per cent growth recorded in the same period last year.

In the case of corporate tax, the net collections grew 35.65 per cent during April-September 2008 at Rs 95,283 crore (Rs 70,240 crore). This growth performance was lower than the 41 per cent growth recorded in the same period last year.

Growth in corporate tax deducted at source (TDS) remained above 52 per cent; and PIT TDS grew at 28 per cent. Corporate TDS collections as on September 30, 2008 stood at Rs 30,810 crore (Rs 20,210 crore). PIT TDS stood at Rs 33,276 crore (Rs 26,002 crore).

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