India Rising: Direct tax mop-up swells 44 per cent
The government’s tax kitty is swelling. Direct tax collections, including corporate and income-tax, jumped 44.39% to Rs 59,210 crore till August 15, compared to Rs 41,006 crore a year ago.
By TNN |
NEW DELHI: The government’s tax kitty is swelling. Direct tax collections, including corporate and income-tax, jumped 44.39% to Rs 59,210 crore till August 15, compared to Rs 41,006 crore a year ago.
“The continued buoyancy in direct tax collections is a reflection of the robust growth in the economy, better tax compliance and improved tax administration,” said a statement from the Central Board of Direct Taxes.
The government aims to collect Rs 5,48,122 crore in tax, against Rs 4,67,848 crore (Budget estimates) in the previous fiscal, an over 17% increase. The targeted amount includes Rs 2,67,490 crore through direct taxes.
Till August 15, corporate tax collections had grown 52.25% to Rs 33,164 crore, compared to Rs 21,783 crore in the corresponding period last fiscal.
Personal income-tax, including fringe benefit tax, securities transaction tax (STT) and banking cash transaction tax (BCTT), grew by 35.57% to Rs 25,989 crore, against Rs 19,170 crore during the same period last fiscal.
Volatility in stock market seems to have added to the government’s kitty. STT posted a growth of 36.30% at Rs 2,495 crore, while BCTT grew by 29.71% to Rs 207 crore.
“The continued buoyancy in direct tax collections is a reflection of the robust growth in the economy, better tax compliance and improved tax administration,” said a statement from the Central Board of Direct Taxes.
The government aims to collect Rs 5,48,122 crore in tax, against Rs 4,67,848 crore (Budget estimates) in the previous fiscal, an over 17% increase. The targeted amount includes Rs 2,67,490 crore through direct taxes.
Till August 15, corporate tax collections had grown 52.25% to Rs 33,164 crore, compared to Rs 21,783 crore in the corresponding period last fiscal.
Personal income-tax, including fringe benefit tax, securities transaction tax (STT) and banking cash transaction tax (BCTT), grew by 35.57% to Rs 25,989 crore, against Rs 19,170 crore during the same period last fiscal.
Volatility in stock market seems to have added to the government’s kitty. STT posted a growth of 36.30% at Rs 2,495 crore, while BCTT grew by 29.71% to Rs 207 crore.
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Meanwhile, during April-July, the Centre has collected Rs 66,417 crore through Customs and excise duties, posting an 11.6% rise, compared to Rs 59,495 crore in the year-ago period.Download
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