Direct Tax Collections up by 15.5 % in Q1

NET direct tax collections during first quarter of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).

Corporate advance tax for the first quarter, at Rs.26,876 crore in FY 2010-11 against Rs.20,456 crore in FY 2009-10, grew at 31.4 percent, fastest since 2005. The corresponding growth in corporate advance tax stood at –3.4%, 25.1%, 30% and 26.9% for FY 2008-09, 2007-08, 2006-07 and 2005-06, respectively.

Securities Transaction Tax, however, recorded a negative growth at 25.21 percent during the first quarter (Rs.1,094 crore in FY 2010-11 as against Rs1,462 crore in FY 2009-10).