Direct tax mop-up rises 3.65% to Rs59,465 cr

Direct tax mop-up rises 3.65% to Rs59,465 cr
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First Published: Wed, Jul 22 2009. 03 17 PM IST
Updated: Wed, Jul 22 2009. 03 17 PM IST
New Delhi: Union government registered a marginal rise in the direct tax collection by 3.65% to Rs59,465 crore due to high base effect and tax refunds in the first quarter of the current fiscal.
Direct tax collection, comprising corporate and personal income tax, stood at Rs57,373 crore during the April-June period last year.
Tax payers received Rs17,600 crore, representing 52.01% growth over Rs11,578 crore given in the first three months of last fiscal.
“Lower growth in net tax collection was mainly on account of higher tax refund outgo,” an official statement here said.
Corporate tax collected during the period was also 3.31% higher at Rs35,709 crore as compared to Rs34,566 crore against the corresponding period last year.
Besides, in the personal income tax segment, which includes Fringe Benefit Tax (FBT) and Securities Transaction Tax (STT), the government collected Rs24,564 crore, higher by 4.38% compared to last year.
Analysts said tax collections only grew marginally on account of a high base effect, which means tax mop-up was high during the same period last fiscal.
KPMG executive director Vikas Vasal said, “Last year first quarter was a better quarter so even if we compare on a quarter-to-quarter basis, this figure is reasonably well.”
There is no dip in the collections so this a positive sign, Vasal said.
FBT collections recorded a negative growth of 7.56%. The finance minister Pranab Mukherjee, while presenting the Union Budget proposed to abolish the tax.
STT mop up fell 9.9% to Rs1,462 crore in the first quarter of this fiscal depicting decline in trade at the bourses.
The net tax collections during the month of June was up marginally at Rs35,307 crore when compared to the last fiscal.
Meanwhile, the government’s tax collections through Tax Deduction at Source (TDS) did much better, recording a growth of 12.1% in corporate TDS at Rs19,584 crore while personal income tax TDS growth was 12.4% during the first quarter at Rs21,188 crore as compared to last year.
The government’s direct tax collections are projected to grow by 9.2% at Rs3,69,575 crore during the current fiscal against Rs3,38,212 crore collected last fiscal.
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First Published: Wed, Jul 22 2009. 03 17 PM IST
More Topics: Direct Tax | Corporate Tax | Income Tax | TDS | India |