Net direct tax collections in the country increased to Rs87,888 crore during the first five months of the current fiscal (April-August 2009-10) up 4.12 per cent compared with the Rs84,409 crore raised in the same period last fiscal.
Corporate tax collections grew 1.84 per cent to Rs49,339 crore from Rs48,450 crore in the same period last fiscal while personal income tax (including STT, and residual FBT and BCTT) grew 7.40 per cent to Rs.38,491 crore from Rs35,840 crore.
The low growth in net collection was mainly on account of higher tax refund outgo of 52.61 per cent at Rs24,639 crore as against Rs16,145 crore last fiscal, an official release said.
Net collections during August 2009 was higher at Rs13,898 crore compared with Rs12,761 crore in August 2008 while securities transaction tax (STT) collections continued to grow at 7.13 per cent during April-August 2009 (Rs2,924 crore as against Rs2,730 crore) compared to the corresponding period last fiscal.
The second installment of corporate advance tax and the first installment of non-corporate advance income tax will become due on 15 September 2009. The advance tax liability for both categories of taxpayers, corporate and non-corporate, is 30 per cent of the estimated total tax liability for the financial year as reduced by the tax to be deducted / collected at source (TDS/TCS), the release said.