Rise in corporate tax collections leads the way.
A healthy increase in corporate tax receipts pushed direct tax collections in December 2009 to Rs 66,410 crore, up 24.48 per cent from Rs 53,347 crore collected in the month a year ago.
Corporate tax receipts recorded 44 per cent growth to Rs 53,293 crore, compared with Rs 37,002 crore in December 2008. However, personal income tax collections fell by 20 per cent to Rs 13,117 crore, against Rs 16,345 crore in December 2008.
The fall in personal income-tax collections was largely on account of higher refunds at Rs 8,954 crore, against Rs 5,979 crore, a growth rate of 49.76 per cent compared to the same period in 2008-09, the Central Board of Direct Taxes said in a statement.
Direct tax collections in the first nine months (April to December) of this financial year rose 8.51 per cent to Rs 2,50,232 crore, compared with Rs 2,30,598 crore collected in the same period in 2008-09. The growth was driven by increasing corporate tax collections, whereas personal income-tax receipts showed a decline.
| POSITIVE SIGNS |
| * Direct tax collections during Apr-Dec rose to Rs 2.5 lakh cr |
| * Direct tax collections in Dec rose to Rs 66,410 cr from Rs 53,347 cr year on year |
| * Corporate tax collections rose 13.47% to Rs 1.66 lakh cr |
| * Corporate tax collections in Dec grew 44% to Rs 53,293 cr |
| * Personal income tax collections in Apr-Dec fell 0.41% to Rs 83,178 cr |
| * Personal income tax refunds rose to Rs 8,954 cr from Rs 5,979 cr in the same period the previous year |
Corporate tax collections grew 13.47 per cent to Rs 1,66,503 crore in the April-December period, against Rs 1,46,737 crore in the first nine months of 2008-09. However, personal income tax collections declined by 0.41 per cent to Rs 83,178 crore, against a mop-up of Rs 83,524 crore in the year-ago period.
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Receipts of the securities transaction tax during April-December 2009 was at Rs 4,570 crore, 2.33 per cent more than Rs 4,466 crore collected in the same period last year. Wealth tax collections grew by 25 per cent to Rs 381 crore, against Rs 306 crore in the corresponding period in 2008-09.
The revenue department will have to collect over Rs 1.2 lakh crore in the next three months to meet its direct tax collection target of Rs 3.7 lakh crore for the entire financial year. Last year, the government had missed its target of Rs 3.45 lakh crore due to the global economic slowdown, but this year it is betting on direct tax collections to make up for any shortfall in indirect tax receipts, which are also likely to miss the target.