The Hindu Business Line : Direct tax collections for April-Sept 15 period up 50 pc

NET direct tax collections of the Union Government have surged 50.7 per cent during April-September 15, 2004 at Rs 27,240 crore as against Rs 18,077 crore in same period last year.

Tax collections during the first fortnight of this month has recorded 72.3 per cent jump at Rs 6,110 crore as against Rs 3,547 crore in the same period last year, official sources said.

While net corporate tax collections during the first fortnight increased by 87 per cent to Rs 3,252 crore (Rs 1,739 crore during September 1-15, 2003), personal income tax collections in the same period grew by 58.1 per cent at Rs 2,858 crore (Rs 1,808 core during September 1- 15, 2003). September 15 is the last date for second instalment of advance tax for corporates.

The net direct tax collections of Rs 27,240 crore represents 20.74 per cent of the target of Rs 1,31,365 crore (after netting Rs 8,000 crore of arrears from the Budget target of 1,39,365 crore).

Official sources told Business Line that net corporate tax collection from April 1 to September 15 stood at Rs 9,241 crore as against Rs 6,203 crore during the same period last year. Similarly, in the case of income tax collections the growth for the period April 1 - September 15 has been to the tune of 55.5 per cent at Rs 17,999 crore as against Rs 11,574 crore in same period last year.

Out of the Budget target of 1,39,365 crore for 2004-05 for direct taxes, the corporate tax target stood at Rs 88,436 crore and that of income tax stood at Rs 50,929 crore.