Government mops up Rs278,373 crore direct tax in 11 months

Net direct tax collections for the first 11 months of the present financial year (up to February 2010 stood at Rs2,78,373 crore, registering a growth of 7.52 percent from Rs2,58,902 crore in the same period last year, the ministry of finance said today.

During the period from April 2009 to February 2010, corporate tax collection grew by 10.89 per cent to Rs1,80,318 crore from Rs1,62,617 crore for the corresponding period last year, while personal income tax (including securities transaction tax (STT)) grew by 1.84 per cent to Rs97,692 crore from Rs95,930 crore, it said.

During the month of February 2010, growth in direct tax collections was 27.54 per cent at Rs14,675 crore compared to Rs11,506 crore in February 2009; during January 2010, there had been a negative growth of 19.84 per cent.

During February, while corporate tax recorded a growth of 16.87 per cent, personal income tax grew by 37.58 per cent.

The final installment of advance tax for both corporate and non-corporate taxpayers is due by 15 March 2010.

The corporate taxpayers are required to pay 25 per cent and non-corporate taxpayers 40 per cent of their advance taxes in March.

During the 11 months, growth in STT stood at 17.65 per cent (Rs5,975 crore as against Rs5,079 crore), while wealth tax grew by 31.72 per cent (Rs431 crore as against Rs327 crore) compared to the corresponding period last fiscal.