Riding on buoyancy in tax deducted at source, net direct tax collections rose 47 per cent to Rs 71,756 crore in the first four months of the fiscal 2008-09 as compared to Rs 48,756 crore in the corresponding period last fiscal.
Growth in direct tax collection has been driven by a 44.56 per cent increase in tax deducted at source (TDS) at Rs 45,935 crore as against Rs 31,776 crore in the year ago period. TDS accounted for 64 per cent of the net direct tax collections in April-July this year.
Corporation tax collection was up 50 per cent at Rs 41,598 crore during April-July this year as against Rs 27,718 crore in the same period last year. Personal Income Tax (including Fringe Benefit Tax, Securities Transaction Tax and Banking Cash Transaction Tax) grew 42.82 per cent to Rs 29,982 crore as against Rs 20,993 crore.
Collections from Fringe Benefit Tax grew 44.34 per cent to Rs 1,260 crore as against Rs 873 crore; Securities Transaction Tax grew 15.46 per cent to Rs 2,164 crore as against Rs 1,874 crore; and Banking Cash Transaction Tax rose 33.75 per cent to Rs 223 crore as against Rs 167 crore.
Among regions, tax collection growth in Mumbai and Delhi was 36 per cent and 76 per cent respectively. Other regions, which saw high tax collection growth are: Nagpur (77.80 per cent); Kochi (58.08 per cent); Kolkata (49.87 per cent); Hyderabad (40.69 per cent) and Bangalore (40.25 per cent).
