India's direct taxes up 42 percent in five months

Thursday, 06 September 2007, 19:30 IST
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New Delhi: With the Indian economy growing at over nine percent, led mainly by the services and manufacturing sectors, the tax administration has reason to cheer as direct tax collections were up 42 percent in the first five months of the current fiscal. India's net tax collections stood at 610.30 billion (approx $15 billion) for April-August period, up 42 percent over 429.80 billion in the like period of last fiscal, official data showed Thursday. While corporate tax collection recorded a growth of 49.49 percent at 337.66 billion over 225.87 billion last fiscal, the personal income tax grew 33.76 percent to 272.06 from 203.40 billion during the period under review. "During fiscal 2007-08, direct tax collections have consistently maintained a growth of over 40 percent, reflecting continued buoyancy in the economy, better tax compliance and improved tax administration," an official statement said. The growth in securities transaction tax was 35.16 percent, while banking cash transaction tax was up 79.73 percent.
Source: IANS