Sharp rise in collection of Corporate Tax has boosted up direct tax collections by 42 per cent during the first five months of current financial year 2007-08.

The collections rose to Rs 61,030 crore during April-August 2007-08 as compared to Rs 42,980 crore same period last year, fiscal data released by Finance Ministry showed here. Corporate tax collection went up by an impressive 49.49 per cent during the five-month period to Rs 33,766 crore from Rs 22,587 crore in the corresponding period of the previous fiscal. Personal Income Tax realisation (including fringe benefit tax, securities transaction tax and banking cash transaction tax) grew by 33.76 per cent to Rs 27,206 crore from Rs 20,340 crore during the corresponding period last fiscal.

The growth in securities transaction tax was 35.16 per cent and banking cash transaction tax 79.73 per cent during April-August, the finance ministry said. During 2007-08 ,direct tax collections have consistently maintained a growth of over 40 per cent reflecting continued buoyancy in the economy, better tax compliance and improved tax administration.