Friday, June 5, 2009

Economy outlook brightens, tax collection up 17 percent

In yet another sign of the economy clawing back, direct tax collection in May rose to Rs.11,919 crore compared to the Rs.10,198 crore raised in the year-ago period when the global meltdown was still to hit India.

This rise of about 16.88 percent is also in sharp contrast to the 3.19 percent negative growth witnessed in April.

Official data released Thursday showed net direct tax collections in the first two months this fiscal stood at Rs.24,158 crore, up 5.77 percent from the Rs.22,840 crore raised in the corresponding period in 2008-09.

Corporate tax collection in April-May increased 5.56 percent to Rs.8,578 crore from Rs.8,126 crore, while personal income tax including fringe benefit tax and securities transaction tax grew at 5.92 percent to Rs.15,559 crore as against Rs.14,690 crore in the corresponding period a year ago.

Securities transaction tax collection, however, declined 24.75 percent to Rs.795 crore in the period under review as against Rs.1,057 crore a year ago.

Fringe Benefit Tax (FBT), declined 5.57 percent to Rs.103 crore as against Rs.109 crore in April-may last year.

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