Direct tax revenues up 40% at Rs 99,935 cr

Booming economic activity enabled the government to collect Rs 99,935 crore (Rs 999.35 billion) from direct taxes during April-November this year, up 40.28 per cent over Rs 71,237 crore (Rs 712.37 billion) in the corresponding period of the previous fiscal.

Income tax collections, including those from fringe benefit tax, banking cash transaction tax, securities transaction tax, recorded a 28.7 per cent rise at Rs 40,920 crore (Rs 409.20 billion) during the first eight months of this fiscal against Rs 31,799 crore (Rs 317.99 billion) during the period, finance ministry sources said.

The economic expansion fetched the government 49.6 per cent more revenue from corporation tax at Rs 59,015 crore (Rs 590.15 billion) against Rs 39,438 crore (Rs 394.38 billion) over the period, the sources said.

The finance ministry officials attributed the buoyant direct tax collections to the overall economic scenario, besides strict enforcement by tax authorities.

With income tax collections accounting for 52.8 per cent and corporations tax 44.36 per cent of what was estimated in the budget for the whole fiscal, the officials were confident that the budget targets would be exceeded this fiscal.