India's net direct tax collections rise 3.65 per cent in Q1 2009-10
22 Jul 2009
Net direct tax collections of the country stood at Rs59,465 crore at the end of the first three months of the current fiscal (up to June 2009), up 3.65 per cent from Rs57,373 crore in the same period last fiscal.
Corporate tax collections rose 3.31 per cent to Rs35,709 crore from Rs34,566 crore in the same quarter of the previous year, while personal income tax (including FBT and STT) grew 4.38 per cent to Rs23,780 crore from Rs22,782 crore in the previous year period, a government release said.
The lower growth in net tax collection was mainly on account of higher outgo on tax refund of 52.01 per cent at Rs17,600 crore in the latest quarter from as against Rs11,578 crore in the first quarter of the previous fiscal, the release said.
Fringe benefit tax (FBT) recorded a negative growth of 7.56 per cent (Rs1,031 crore as against Rs1,115 crore) while securities transaction tax (STT) declined 9.90 per cent to Rs1,462 crore from Rs1,623 crore in the comparable quarter of the previous fiscal.
Net tax collections, including TDS, during the month, however, remained positive. Net collection during June 2009 stood at Rs35,307 crore compared to Rs34,533 crore in June 2008. Corporate TDS grew 12.1 per cent to Rs19,584 crore from Rs17,477 crore last year and non-government TDS (personal income tax) grew 12.4 per cent to Rs21,188 crore from Rs18,849 crore last year.