The central exchequer continued to be adversely impacted by the slowdown as the direct tax mop-up declined more than 18 per cent at Rs 11,506 crore in February over the year-ago period.
However, the finance ministry is confident that it will meet the revised target for the current fiscal, even as it has netted just 76.37 per cent of the goal in the first 11 months and will have to collect Rs 87,098 crore in the last month of the current fiscal.
Direct tax collections in February 2008 stood at Rs 14,138 crore, according to figures released by the Central Board of Direct Taxes (CBDT) here today.
For the first 11 months of this fiscal, the government could mop up Rs 2,58,902 crore and the revised target is Rs 3,45,000 crore.
The government had in the Interim Budget lowered the target of direct tax collections from the Rs 3,65,000 crore it had set at the time of presenting the Budget for 2008-09.
Direct tax collections had shown positive growth in January after a fall in two consecutive months year-on-year.
Explaining the optimism on meeting the target, a finance ministry official said advance tax collections are expected to be at least Rs 45,000 crore during the quarter to end on March 15, the same level as in the previous quarter.
Besides, tax deducted at source would be Rs 35,000 crore and both these collections will add to Rs 80,000 crore. The remaining amount would come from self-assessment and the demand raised by the tax department, he said.
For the first 11 months of the current fiscal, direct tax collections were up 11.27 per cent from Rs 2,32,676 crore a year ago.
Corporate tax mop-up grew by 16.79 per cent to touch Rs 1,62,617 crore against Rs 1,39,241 crore, while collections from personal income tax, including FBT, BCTT and STT, rose by 9.58 per cent at Rs 95,930 crore against Rs 83,111 crore.
Growth in FBT was 20 per cent at Rs 6,267 crore against Rs 5,233 crore and BCTT collections were up 14.46 per cent at Rs 588 crore against 513 crore.
With trading volumes shrinking in stock markets, securities transaction tax (STT) collection declined by 35.54 per cent at Rs 5,079 crore against Rs 7,879 crore.
During April-February this fiscal, corporate tax deducted at source growth was 38.3 per cent to touch Rs 55,043 crore against Rs 39,805 crore. Personal income tax grew by 18.6 per cent at Rs 59,533 crore against Rs 50,217 crore.
