Apr-Dec direct tax kitty up 19% at Rs 2.99 lakh cr

The government kitty swelled by 19.47 per cent to Rs 2.99 lakh crore during the first nine months of this fiscal from direct taxes on a year-year basis.

"Net direct tax collections during the April-December 2010 period stood at Rs 2,98,958 crore, up from Rs 2,50,232 crore in the same period last fiscal," a Finance Ministry statement said.

Meanwhile, Finance Minister Pranab Mukherjee in a meeting with the Chief Commissioners of Income Tax and other senior I-T officials yesterday had raised the budgeted tax collection target by Rs 20,000 crore to Rs 4.50 lakh crore.

With the Rs 2.99 lakh crore direct tax income till December, the government has already collected 69.53 per cent of the budgeted target of Rs 4.30 lakh crore.

During the first nine months of the current fiscal, the collections of corporate tax jumped by 22.07 per cent to Rs 2.03 lakh crore.

Also Personal Income Tax grew at 14.57 per cent to Rs 92,295 crore during the period compared to Rs 83,178 crore in the same period last fiscal. The amount includes the Securities Transaction Tax, residual Fringe Benefit Tax and Banking Cash Transaction Tax.