Direct tax collections continued to record a growth of over 40 percent for the period 1st April to 15th December 2007. According to provisional data, net tax collections stood at Rs.1,64,407 crore, up from Rs.1,15,377 crore during the same period last fiscal, registering a growth of 42.50 percent and achieving over 61 percent of budgeted direct tax target of Rs.2,67,490 crore. Corporate Tax registered a growth of 42.37 percent at Rs.98,391 crore, up from Rs.69110 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 42.83 percent at Rs.65,774 crore, up from Rs.46,051 crore. Growth in Securities Transaction Tax (STT) was 74.36 percent (Rs.5,895 crore against Rs.3,381 crore) and Fringe Benefit Tax (FBT) was 16.10 percent (Rs.3,313 crore against Rs.2,854 crore). Banking Cash Transaction Tax (BCTT) grew by 17.04 percent (Rs.376 crore against Rs.322 crore).

Overall direct tax growth was highest in the Mumbai region at 68.43 percent; followed by Pune region at 58.68 percent, North Western region (Chandigarh) at 47.98 percent, Andhra Pradesh (Hyderabad) at 43.82 percent and eastern Uttar Pradesh (Lucknow) at 39.79 percent.

Corporate tax growth was highest in the North-Eastern region (Guwahati) at 244.18 percent; followed by Kerala (Kochi) at 83.32 percent, Mumbai at 80.92 percent, eastern Uttar Pradesh (Lucknow) at 71.22 percent and Pune region at 56.24 percent.

Personal income tax growth was highest in Madhya Pradesh & Chhattisgarh region (Bhopal) at 160.95 percent; followed by Nagpur region at 97.10 percent, Pune region at 60.39 percent, Andhra Pradesh region (Hyderabad) at 54.79 percent and Tamil Nadu region (Chennai) at 50.90 percent.

Direct tax collection growth exceeds forty percent, advancing progress toward the annual budgeted revenue target for the period. Strong growth in direct tax receipts for 1 April-15 December 2007 raised aggregate net collections sharply year on year and advanced progress toward the budgeted direct tax target; major contributors included Corporate Tax, Personal Income Tax and transaction based levies (Securities Transaction Tax, Fringe Benefit Tax, Banking Cash Transaction Tax), with marked regional variation in growth rates across metropolitan and regional offices.