Hit by a drop in corporate tax revenues, direct tax collections rose marginally to Rs 20,822 crore in October, compared with Rs 19,708 crore in the corresponding month last year.

Corporate tax collections during the month fell 4.72 per cent to Rs 9,424 crore from Rs 9,891 crore in the same period of 2008-09. In October, personal income tax receipts stood at Rs 11,398 crore, an increase of 16.1 per cent, against Rs 9,817 crore in the same month last year.

Click here for Cloud Computing

Also Read   Related Stories News Now - Govt to look into concerns on draft Direct Taxes Code - Bills on GST, Direct Tax Code likely in winter session - Govt to look into concerns on draft Direct Tax Code - Direct tax kitty grows nearly 4% in Apr-Sept - Hindutva party? - Hindutva party?

Also Read   Related Stories News Now - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13 More

Lower growth in net tax collections was mainly on account of higher tax refund outgo of 63.95 per cent at Rs 33,137 crore, against Rs 20,212 crore last financial year, the Central Board of Direct Taxes (CBDT) said in a statement.

Corporate tax collections till October this financial year rose 4.59 per cent to Rs 1,09,996 crore, against Rs 1,05,174 crore in the first seven months of 2008-09. Personal income tax grew 2.87 per cent to Rs 63,195 crore, compared with Rs 61,433 crore in the April-October period last year.

Collection of the securities transaction tax increased 3.79 per cent to Rs 3,865 crore till October this financial year, against Rs 3,724 crore in the corresponding months of the previous year.

“Our estimate is that direct tax collections would cross the Rs 3.5-lakh-crore mark by the end of the year. Revival in the economy would improve the revenue mop-up from across the sectors (personal and corporate tax),” a CBDT official said.

For the current financial year, the government has fixed a direct tax collection target of Rs 3.7 lakh crore — an increase of 9.4 per cent over the actual collection last year. The direct tax collections for 2008-09 had fallen short of target due to the global financial meltdown. The government collected Rs 3.4 lakh crore through direct taxes, against a target of Rs 3.45 lakh crore.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13

Tags : Direct tax | corporate tax | Central Board of Direct Taxes | CBDT   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  We live for our family. have you secured them? -  Office 365 for professionals and small businesses. -  Earn fuel worth Rs.2400 with Citi -  India's No. 1 Property Site. Click here to know more.. -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Get 5% cashback on telephone bills with Citi -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Be part of it The World's Largest Aircraft. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more -  Health is Wealth..... Insurance + Savings... Know More...