Direct tax collections buoyant on continued economic growth

Direct tax collections during fiscal 2007-08 have recorded a growth of 44.39% up to 15th August, 2007. Tax collections stood at Rs.59,210 crore, up from Rs.41,006 crore during the same period last fiscal.

Corporate tax recorded a growth of 52.25% at Rs.33,164 crore, up from Rs.21,783 crore during last fiscal, while personal income tax (including FBT, STT and BCTT) grew by 35.57% at Rs.25,989 crore, up from Rs.19,170 crore last fiscal. Securities Transaction Tax (STT) grew by 36.30% at Rs.2,495 crore and Banking Cash Transaction Tax (BCTT) grew by 29.71% at Rs.207 crore.

The continued buoyancy in direct tax collections is a reflection of the robust growth in the economy, better tax compliance and improved tax administration.

Source: Press Release at incometaxindia.gov.in