Direct tax collection up 41.4% till Feb 15

The robust trend in direct tax revenue continues with collection rising 41.4% to Rs 2,28,745 crore till February 15 in fiscal 2007-08 when compared with Rs 1,61,776 crore during the same period last year.

Mumbai has recorded the highest overall growth, and contributed 36.86% to the direct tax kitty so far in the current fiscal. It also registered the highest direct tax collection growth at 67% by mopping up Rs 83,363 crore during the period when compared with Rs 50,227 crore in the same period last fiscal.

Income Tax department officials are optimistic that the high tax collection growth trend will be maintained till the fiscal year ends on March 31. That means, direct tax collections will be close to Rs 3,20,000 crore - Rs 52,500 crore more than the budget estimate.

Till February 15, corporation tax collection registered a growth of 38.78% at Rs 1,38,073 crore, up from Rs 99,488 crore during the previous fiscal period. Personal income tax (including FBT, STT and BCTT) increased 45.64% to Rs 90,356 crore from Rs 62,040 crore.