Direct tax realisation up 42 per cent in Apr-Aug

NEW DELHI: Buoyant corporate performance has pushed up direct tax collection by 42 per cent during the first five months of the current financial year.

The direct tax collections went up to Rs 61,030 crore during April-August 2007-08 as compared to Rs 42,980 crore during the corresponding period last fiscal, a finance ministry release stated on Thursday.

Corporate tax collection grew by 49.49 per cent during the five-month period to Rs 33,766 crore, up from Rs 22,587 crore a year ago.

Personal income tax realisation (including fringe benefit tax, securities transaction tax and banking cash transaction tax) grew 33.76 per cent to Rs 27,206 crore, up from Rs 20,340 crore during the corresponding period last fiscal.

The growth in securities transaction tax was 35.16 per cent and banking cash transaction tax 79.73 per cent during April-August, the release said.

During 2007-08 so far, direct tax collections have consistently maintained a growth of over 40 per cent reflecting continued buoyancy in the economy, better tax compliance and improved tax administration, the release added.

The government proposes to collect Rs 1,68,401 crore as corporate tax during the current financial year as against Rs 1,46,497 crore (revised estimates) during 2006-07.

The target for income tax realisation for the current financial year is Rs 98,774 crore, up from Rs 82,510 crore (revised estimate) in the previous fiscal.