Direct tax collections register 7.5 per cent growth upto February

 

Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes was 10.89 percent (Rs.1,80,318 crore as against Rs.1,62,617 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.84 percent (Rs.97,692 crore as against Rs.95,930 crore).

During the month of February 2010, on a year-to-year basis, growth in direct tax collections was 27.54 percent (Rs.14,675 crore compared to Rs.11,506 crore), whereas during January 2010 there had been negative growth of 19.84 percent . During February, while Corporate Tax recorded a growth of 16.87 percent, PIT growth was 37.58 percent.

The final instalment of advance tax for both corporate and non-corporate taxpayers is due by 15th March 2010. The Corporate taxpayers are required to pay 25 percent and non-corporate taxpayers 40 percent of their advance taxes in March.

During April 2009 to February 2010, growth in Securities Transaction Tax (STT) stood at 17.65 percent (Rs.5,975 crore as against Rs.5,079 crore), while wealth tax grew by 31.72 percent (Rs.431 crore as against Rs.327 crore) compared to the corresponding period last fiscal.

 

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Direct tax collections growth noted, with corporate receipts leading and advance tax instalment reminder for March compliance. Direct tax collections rose year on year in the first eleven months of the fiscal year, led by stronger Corporate Tax receipts while Personal Income Tax grew modestly; February showed marked monthly improvement after prior negative growth. The release also highlights higher year on year growth in Securities Transaction Tax and Wealth Tax for April-February and reminds that the final advance tax instalment is due in March, with prescribed proportions required from corporate and non corporate taxpayers.