New Delhi: India’s gross direct tax receipts for the April-July period were up 28% on year at Rs652.37 billion ($16.1 billion) after robust collections of income tax, a finance ministry source said on Wednesday.
Net collections were up by 45.6% at RS533.97 billion during the first four months of the fiscal year 2007-08, said the official, who did not wish to be named.
“Until July, we are way ahead of our internal target in terms of growth in direct tax collections,” he told Reuters, citing provisional figures.
Corporate tax collections were up by 23% at Rs387.57 billion. Income tax receipts were up 39% to Rs234.16 billion.
The finance ministry said in February’s budget it was targetting 15% growth in corporate tax receipts, and a 19% rise in income tax collections in the year to March 2008.
The government collected 18.31 billion rupees through a securities transaction tax, Rs 9.72 billion from a fringe benefit tax, and Rs 2.01 billion under a banking cash transaction tax until July 31.