India’s direct tax mop-up jumps 46 percentAugust 6th, 2008 - 5:15 pm ICT by IANS
New Delhi, Aug 6 (IANS) India’s direct tax mop-up jumped by 46.95 percent during the first four months of the current fiscal, led by a robust collection in the national capital, official data showed Wednesday. Net direct tax collections were estimated at Rs.71,648 crore (Rs.716 billion or $17.9 billion) between April and July this year, compared with Rs.48,756 crore (Rs.487.56 billion or $12.19 billion) in the like period of last year.
The collections were up by an impressive 76.4 percent in Delhi, while Mumbai saw an increase of 36.33 percent, the official data showed. Nagpur with 77.8 percent growth, Kochi with 58.1 percent and Kolkata with 49.9 percent also saw a major jump in collections.
Among the various components of direct taxes, corporate taxes was up 50 percent, while personal income tax (including fringe benefit tax) grew by 42.82 percent.
The finance ministry also said that the cost of direct tax collection had also declined to a new low of 0.54 percent during 2007-08 — amongst the lowest in the world.