April-July direct tax mop-up rises 3.27%

Written by Economy Bureau | New Delhi | Updated: Aug 12 2009, 05:25am hrs
Net direct tax collection grew at 3.27% to Rs 73,990 crore in the first four months of the current fiscal, up from Rs. 71,648 crore in the same period last fiscal. This, however, is sharp dip from 46.95% growth registered in April-July 2008-09.

Tax collection growth fell partly due to higher tax refund in the first four months of the current fiscal. The outgo on account of tax refund rose by 53.36% to Rs. 20,768 crore in April-July 2009 as against Rs. 13,542 crore in April-July 2008.

Corporate tax collection grew by 2.61% to Rs 42,685 crore in April-July 2009 from Rs 41,598 crore in April-July 2008. These taxes grew at a robust rate of 50.08% during the same period last fiscal.

Personal income tax, including securities transaction tax, fringe benefit tax and the residual banking cash transaction tax, grew at 4.33% to Rs 31,279 crore in April-July 2009 from Rs. 29,982 crore in April-July 2008. The collection under this head grew at 42.82% in the corresponding period last fiscal.

In July 2009, net direct collections grew by 1.75% to Rs 14,525 crore from Rs 14,275 crore in July 2008.

Securities transaction tax (STT) grew 3.55% during AprilJuly 2009 to Rs 2,240 crore from Rs 2,164 crore in April-July 2008, in contrast to a 15.46% in the corresponding period last fiscal.