Direct tax kitty up 19% in H1

Wealth tax grows by 18%

“Net direct tax collections during the period April-September 2010 stood at Rs 1,81,758 crore, up from Rs 1,52,625 crore in the same period last fiscal, registering a growth of 19.09 per cent in H1 against the Budgeted annual growth target of 13.67 per cent,” an official statement said.

As per the data released by the Central Board of Direct Taxes, direct taxes recorded its highest growth of 26.12 per cent at Rs 81,647 crore in the month of September 2010.
In April-September this year, corporate tax collections grew by 21.74 per cent to Rs 1.22 lakh crore from Rs 1 lakh crore in the corresponding six-month period a year ago.

Meanwhile, personal income tax collection — including securities transaction tax, residual fringe benefit tax and banking cash transactions tax — rose by 13.79 per cent to Rs 59,053 crore from Rs 51,897 crore, and the growth of securities transaction tax was negative by 10.38 per cent. In the first half of the current fiscal, Rs 2,874 crore STT was collected against Rs 3,207 crore during the corresponding period last year.

The Budget had estimated to collect Rs 4.30 lakh crore direct tax in the current fiscal, of which 42.27 per cent has been achieved in the first six months.

Meanwhile, wealth tax grew by 18.47 per cent to Rs 263 crore in the April-September period this year from Rs 222 crore in the corresponding period last year.

On the other hand, indirect tax collection had climbed more than 44 per cent to Rs 1,50,686 crore in the first half of the current fiscal, compared to the year-ago period.
Total revenue collections of Rs 1,50,686 crore from indirect taxes during the period represents around 48.1 per cent of the budget estimates of 2010-11.