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Direct tax flow increases
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ASIANAGE on 04 July, 2008 02:46:52
 
New Delhi, July 4: Belying fears of economic slowdown impacting government
revenue, direct tax collections have gone up by 38.6 per cent in the first
quarter this fiscal at Rs 57,373 crore.
"The growth in direct taxes has been maintained despite much larger refund
pay-outs at Rs 11,578 crore against Rs 7,302 crore during the corresponding
period last fiscal," said a finance ministry statement issued here on Friday.
Analysts said robust tax collections are expected to help the government
maintain fiscal deficit at 2.5 per cent during 2008-09 despite increase in
expenditure in the election year.
During the first three months, corporate taxes have grown by 32.65 per cent and
stood at Rs 34,566 crore against Rs 26,058 crore in first quarter last fiscal.
Personal income tax, including fringe benefit tax (FBT), securities transaction
tax (STT)and banking cash transaction tax (BCTT) grew by 48.84 per cent and
touched Rs22,782 crore.
FBT collections were up by 38.74 per cent, while STT and BCTT grew at 22.11 per
cent and 21.03 per cent respectively, said the statement.
Upbeat over the robust tax collection, finance minister P Chidambaram had
recently asked the Central Board of Direct Taxes to revise the Budget estimate
of Rs 3,65,000 crore upwards to Rs 4,00,000 crore. — PTI