India’s direct tax collections up 38 percent

July 4th, 2008 - 9:22 pm ICT by IANS  

New Delhi, July 4 (IANS) In spite of a slowdown in the growth of both industrial production and merchandise exports, India’s direct tax collections rose by as much as 38.61 percent in the first quarter of the current fiscal, the finance ministry said Friday. The direct tax collections, according to an official statement, rose to Rs.573.73 billion during the period against Rs.413.91 billion in the like quarter of the previous fiscal.

Among the various components of direct taxes, corporate taxes rose by 32.65 percent to Rs.345.66 billion, while personal income tax jumped by 48.84 percent to Rs.227.82 billion.

“The growth in direct taxes has been maintained despite much larger refund payouts at Rs.115.78 billion, as against Rs.73.02 billion during the corresponding period last fiscal,” the statement said.

The growth registered in fringe benefit tax was 38.74 percent, while securities transaction tax and banking cash transaction tax were up 22.11 percent and 21.03 percent, respectively.

Among the various regions, the Delhi circle saw the direct tax collections grow by 53.57 percent, while Mumbai saw an increase of 40.19 percent.

Nagpur with 74 percent, Kochi with 68 percent, Bangalore with 47.26 percent and and Kolkata with 45.30 percent also registered significant increases in the mop up.

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