Net Direct Tax Collections Register 19.09% Growth
Net direct tax collections during the period April-September 2010 stood at Rs.1,81,758 crore, up from Rs.1,52,625 crore in the same period last fiscal, registering a growth of 19.09 percent in H-1 against the Budgeted annual growth target of 13.67 percent, and reached 42.27 percent of the Budgeted target of Rs.4,30,000 crore.
Growth in Corporate Income Tax was 21.74 percent (Rs.1,22,433 crore as against Rs.1,00,572 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 13.79 percent (Rs.59,053 crore as against Rs.51,897 crore).
Growth of Wealth Tax was 18.47 percent (Rs.263 crore against Rs.222 crore), while the growth of Securities Transaction Tax was negative at -10.38 precent (Rs.2,874 crore against Rs.3,207 crore).
Direct taxes recoded its highest growth at 26.12 percent (Rs.81,647 crore against Rs.64,737 crore) during the current fiscal in the month of September 2010, wherein coporate taxpayers paid the second instalment (30%) and non-corporate taxpayers the first instalment (30%) of advance income-tax.