- Wealth PMS (50L+)
ET: Direct tax kitty grows 3.69%
The Centre has collected 3.10 per cent more in direct taxes in September at Rs 64,737 compared to the same period last year.
With this, the mop-up from direct taxes for the first half of the fiscal has touched Rs 1,52,625 crore, an increase of 3.69 per cent over the corresponding period a year ago.
The growth in government’s corporate tax kitty for the fist half of this fiscal was more pronounced at 5.55 per cent over last year’s. In the first six months, Rs 1,00,572 was collected in corporate taxes compared to Rs 95,283 crore last year, the Central Board of Direct taxes in a statement
However, Personal Income Tax collection for the first half at Rs 51,897 crore saw only a marginal rise of 0.38 per cent over last fiscal. The figures include Securities Transaction Tax and residual Fringe Benefit Tax and Banking Cash Transaction Tax.
Isn’t 3.7% growth in tax collections slightly low for an economy that’s supposed to grow at 8%? Agri growth won’t be great, what with the drought and all, so corporates should make up, one thinks.