By IANS
New Delhi : With the Indian economy growing at over nine percent, led mainly by the services and manufacturing sectors, the tax administration has reason to cheer as direct tax collections were up 42 percent in the first five months of the current fiscal.
India’s net tax collections stood at Rs.610.30 billion (approx $15 billion) for April-August period, up 42 percent over Rs.429.80 billion in the like period of last fiscal, official data showed Thursday.
While corporate tax collection recorded a growth of 49.49 percent at Rs.337.66 billion over Rs.225.87 billion last fiscal, the personal income tax grew 33.76 percent to Rs.272.06 from Rs.203.40 billion during the period under review.
“During fiscal 2007-08, direct tax collections have consistently maintained a growth of over 40 percent, reflecting continued buoyancy in the economy, better tax compliance and improved tax administration,” an official statement said.
The growth in securities transaction tax was 35.16 percent, while banking cash transaction tax was up 79.73 percent.