Direct tax collections up over 8.5 per cent in April-December

Net direct tax collections during the first three quarters of the current financial year (April-December 2009-10) stood at Rs2,50,232 crore, up from Rs2,30,598 crore in the same period last fiscal, registering a growth of 8.51 per cent.

Corporate tax collections rose 13.47 per cent to Rs1,66,503 crore from Rs1,46,737 crore in the same period of the previous fiscal, while personal income tax (including STT, and residual FBT and BCTT) grew at -0.41 per cent (Rs83,178 crore as against Rs83,524 crore).

Net direct tax collections during December 2009 stood at Rs66,410 crore compared with Rs53,347 crore during December 2008. Corporate tax collections recorded a growth of 44.03 per cent (Rs53,293 crore against Rs37,002 crore last fiscal), PIT grew at -19.75 per cent (Rs13,117 crore against Rs16,345 crore last fiscal).

The negative growth in PIT has largely been on account of higher PIT refunds at Rs8,954 crore as against Rs5,979 crore, a growth of 49.76 per cent compared to the same period last fiscal.

Securities transactions tax (STT) grew 2.33 per cent in April-December 2009 to Rs4,570 crore from Rs4,466 crore in the previous fiscal while wealth tax grew 24.39 per cent to Rs381 crore from Rs306 crore in the corresponding period last fiscal.