Buoyed by robust economic growth, net direct tax collections crossed the Rs 2 lakh crore mark during the April-October period, an increase of around 18 per cent from that in the same period last year.
"Net direct tax collections in the first seven months of the current fiscal crossed the mark of Rs 2 lakh crore and stood at Rs 2,04,351 crore as on October 31, 2010 (April-October, 2010)," an official statement said.
During the April-October period of 2009, net direct tax collection stood at Rs 1,73,447 crore, the statement added.
The growth in direct tax collection could be mainly attributed to the strong economic growth of the country. Indian economy is likely to grow by 8.5 per cent in the current fiscal after registering a growth of 7.4 per cent in the last fiscal.
In the direct tax category, growth in corporate income tax was 22.05 per cent. The collections from corporate tax stood at Rs 1,34,251 crore as on October 31, 2010 as against Rs 1,09,996 crore in the same period during the last fiscal.
Meanwhile, growth in collections from personal income tax, including securities transaction tax, residual fringe benefit tax and banking cash transactions tax, was 10.33 per cent. The collections from personal income tax stood at Rs 69,722 crore as on October 31, 2010 as against Rs 63,195 crore collected during the same period in last fiscal.
The Budget had estimated to collect Rs 4.30 lakh crore direct tax in the current fiscal.
The Wealth Tax collections stood at Rs 378 crore during April-October this year against Rs 319 crore collected during the same period last fiscal, an increase of 18.50 per cent.
In the personal income tax category, the growth in collections from Securities Transaction Tax was, however, negative at 6.80 per cent. The collections from Securities Transaction Tax were Rs 3,602 crore as on October 31, 2010 as against Rs 3,865 crore collected during the same period in last fiscal.
