Centre’s net direct tax revenue up 40%

Centre’s net direct tax revenue up 40%

New Delhi, 24 September The government’s net direct tax collection surged 40.5% to 1,06,095 crore till 21 September this fiscal on the back of a robust corporate sector and rising incomes.

The government had mobilised 75,510 crore during the corresponding period of the last financial year.

Corporate tax made up more than 63% of the total collections at 67,207 crore. This represented 42.3 per cent rise in the collections from 47,207 crore in April- September 21 last year, according to official release.

Personal income tax collections grew by 37.47 per cent at 38,819 crore against 38,819 crore in the same period last fiscal. The bullish capital markets helped the government collect 45.52 per cent more from securities transaction tax. Collections from Banking Cash Transaction Tax were up 21.36 per cent and fringe benefit tax over 87.41 per cent.

In terms of payment types, advance tax increased by 32 per cent and tax deducted at source by 48 per cent, indicating all-round buoyancy in taxes. Self-assessment tax grew by 81 per cent, indicating better tax compliance levels.

The government has set a target 5,48,122 crore tax collection as against 4,67,848 crore (budget estimates) in the previous fiscal, representing an increase of over 17 per cent. The targeted amount includes 2,67,490 crore through direct tax collection.