India’s direct tax receipt up 8.3 percent, but miss target (Lead)

May 21st, 2009 - 8:30 pm ICT by IANS  

New Delhi, May 21 (IANS) India’s direct tax receipts were up 8.33 percent to Rs.3.38 lakh crore in 2008-09, the finance ministry said in a statement Thursday.
However the direct tax collections fell Rs.6,000 crore short of the target of Rs.3.45 lakh crore for 2008-09 fiscal.

This was despite the government lowering the collection target from Rs.3.64 lakh crore to Rs.3.45 lakh crore to allow for the dent the economic crisis could make on its revenues, the statement said.

According to the ministry, corporate tax collections were up 10.8 percent to Rs.2.14 lakh crore last fiscal, while individual income tax receipts were up 4.26 percent at Rs.1.24 lakh crore.

“Despite economic slow-down and substantial relief to non-corporate taxpayers, direct tax collections exceeded the previous year’s collection by about Rs.26,000 crore,” the ministry statement said.

Corporate tax deducted at source registered a growth of 35.4 percent to Rs.61,683 crore, compared to Rs.45,450 crore the previous fiscal.

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