Direct tax collections up 15.49 per cent in Q1; corporate tax mop up rises 21.65 per cent

Net direct tax collections during the first quarter of the current fiscal (April-June 2010) rose 15.49 per cent to Rs68,675 crore, from Rs59,465 crore in the same period last fiscal.

Corporate tax collections rose 21.65 per cent year-over-year to Rs43,439 crore from Rs35,709 crore, while personal income tax (including STT, and residual FBT and BCTT) grew 1.24 per cent to Rs24,075 crore from Rs23,780 crore.

Corporate advance tax for the first quarter grew 31.4 per cent (the fastest since 2005) to Rs26,876 crore in the 2010-11 financial year from Rs20,456 crore in FY 2009-10. The corresponding growth in corporate advance tax stood at 3.4 per cent, 25.1 per cent, 30 per cent and 26.9 per cent, respectively, for the 2008-09, 2007-08, 2006-07 and 2005-06 financial years.

Securities transaction tax, however, recorded a negative growth at 25.21 per cent during the first quarter (Rs1,094 crore in FY 2010-11 as against Rs1,462 crore in FY 2009-10).