Direct tax collections up by 40% till Sep 21

Net direct tax collections grew by 40% to Rs 1,06,095 crore from the beginning of the current fiscal to September 21, up from from Rs 75,510 crore in the same period a year ago.

"The growth in direct tax collections is likely to be around 40% this year," a government official said.

Corporation tax collections grew 42.37% to Rs 67,207 crore, up from Rs 47,207 crore during the same period in the previous fiscal. Personal income tax (including FBT, STT and BCTT) grew by 37.47% at Rs 38,819 crore, up from Rs 28,238 crore. The growth in Securities Transaction Tax was 45.52% and Banking Cash Transaction Tax was 21.36%.

Fringe Benefit Tax collections also jumped 87.41%. "Advance tax increased by 32% and tax deducted at source by 48% indicating all-round buoyancy in taxes. Self-assessment tax grew by 81%, indicating better tax compliance levels," a Central Board of Direct Taxes release added.