India's April-Dec Direct Tax Collections Up

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Direct tax collections in India during April-December rose by 8.5% to Rs.2,50,232 crore from the Rs.2,30,598 crore in the corresponding period last fiscal, data released by the Ministry of Finance say.

During the first three quarters of this fiscal, corporate tax collections were Rs.1,66,503 crore, up 13.47% from the preceding year's Rs.1,46,737 crore, while those of Personal Income Tax or PIT (including STT, and residual FBT and BCTT) declined by 0.41% to Rs.83,178 crore from the earlier Rs.83,524 crore. FBT and BCTT were scrapped later.

The negative growth in PIT was attributed to higher refunds at Rs.8,954 crore, compared to the Rs.5,979 crore, a growth of 49.76% compared to the corresponding period last fiscal

During December of the preceding year, net direct tax collection was Rs.66,410 crore, compared to the Rs.53,347 crore during December 2008. Of this, Corporate Tax was Rs.53,293 crore, up by 44.03% from the Rs.37,002 crore last fiscal, whereas PIT fell 9.75% to Rs.13,117 crore from the Rs.16,345 crore in December 2008.

Growth in Securities Transaction Tax (STT) during April-December 2009 increased by 2.33% to Rs.4,570 crore from the Rs.4,466 crore in the corresponding period last fiscal, while wealth tax rose by 24.39% to Rs.381 crore from the Rs.306 crore in April-December 2008.

(Market News Provided by RTTNews)