Collections of direct taxes in Q1 jump 15%

Collections of direct taxes in Q1 jump 15%

Corporate tax soars 21 per cent

The government has budgeted an overall tax mop-up of Rs 7.46 lakh crore during this fiscal, out of which Rs 4.3 lakh are expected to be realised from direct taxes. Realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore, as against Rs 59,465 crore in the same period last fiscal.

According to figures released by finance ministry here, corporate tax collection, which is a reflection on performance of India Inc, soared 21.65 per cent to Rs 43,439 crore during the reporting period and thus contributing to the maximum during the reporting period.

But realisation from personal income tax, securities transaction tax, banking cash transactions tax etc grew marginally by only 1.24 per cent to Rs 24,075 crore during April-June period.However, realisation from securities transaction tax declined to Rs 1,094 crore, from Rs 1,462 crore during the first quarter of previous fiscal.

As regards advance tax, the first quarter witnessed the highest increase of 31.4 per cent to Rs 26,876 crore, up from Rs 20,456 crore during the same period last fiscal. While the advance tax collection dropped by 3.5 per cent during 2008-09, it recorded an increase of 25.1 per cent in the previous fiscal. The increase in advance tax collection was 30 per cent in 2006-07 and 26.9 percent in 2005-06.

The government expects to mop up Rs 4.3 lakh crore by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.