Mumbai: Direct tax collections continued to record a growth of over 40 per cent for the first eight months of the current fiscal. Net tax collections stood at Rs1,45,053 crore, up from Rs1,00,135 crore during the same period last fiscal, registering a growth of 44.86 per cent and achieving over 54 per cent of budgeted direct tax target of Rs2,67,490 crore.

Corporate tax registered a growth of 46.62 per cent at Rs86,526 crore, up from Rs59,015 crore during the previous fiscal, while personal income tax (including FBT, STT and BCTT) grew 42.48 per cent at Rs58,303 crore, up from Rs40,920 crore.

Securities transaction tax (STT) collections were up by a whooping 78.93 per cent (Rs4,924 crore against Rs2,752 crore) and fringe benefit tax (FBT) rose 16.76 per cent (Rs3,064 crore against Rs2,624 crore).

Banking cash transaction tax (BCTT) grew by 14.34 per cent (Rs359 crore against Rs314 crore).

Corporate tax growth was highest in the North-Eastern region (Guwahati) at 255.64 per cent, followed by Mumbai (103.17 per cent), Kerala (76.45 per cent), Eastern Uttar Pradesh (71.22 per cent) and Bihar & Jharkhand (51.98 per cent).

Personal income tax growth was highest in Madhya Pradesh & Chhattisgarh region at 157.67 per cent, followed by Gujarat (68.83 per cent), Andhra Pradesh (56.62 per cent), North-western region, i.e. Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir (53.22. per cent) and Maharashtra (47.24 per cent).

Tax deduction/collection at source increased by over 50 per cent, while self-assessment tax (paid voluntarily before submission of earlier years tax return) increased by over 73 per cent, indicating continued improvement in tax administration and tax compliance levels.