Direct Tax cllections growth over 40%
Direct Tax cllections growth over 40% Direct tax collections maintained a growth of over 40% up to the period Sep. 21, 2007. Net tax collections stood at Rs10,60.95 billion, up from Rs 755.10 billion during the same period last fiscal. Corporate tax recorded a growth of 42.37% at Rs 672.07 billion, up from Rs 472.07 billion during the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew 37.47% at Rs 388.19 billion, up from Rs 282.38 billion. The growth in securities transaction tax (STT) was 45.52% and banking cash transaction tax (BCTT) was 21.36%. Fringe benefit tax (FBT) also jumped 87.41%. In terms of payment types, advance tax increased 32% and tax deducted at source (TDS) 48% indicating all-round buoyancy in taxes. Self-assessment tax grew 81%, indicating better tax compliance levels.
