April-July direct tax mop-up rises 15.75%
Direct tax collections in April-July this year rose 15.75 per cent to Rs 85,647 crore, against Rs 73,990 crore in the first four months last financial year. The direct tax collections in July increased 16.8 per cent to Rs 16,972 crore, compared with Rs 14,525 crore in the same month last year.
Corporation tax collections grew 20.95 per cent to Rs 51,627 crore, against Rs 42,685 crore in the April-July period of 2009-10. Personal income tax, which includes securities transaction tax, residual fringe benefit tax and banking cash transaction tax, grew 8.51 per cent to Rs 33,940 crore, compared with Rs 31,279 crore in the four-month period last year.
The moderate growth in personal income tax was on account of 26.25 per cent drop in the securities transaction tax. The tax stood at Rs 1,652 crore in April-July 2010-11, against Rs 2,240 crore in the corresponding period of 2009-10, the finance ministry said in a press release on Thursday.
Growth of personal income tax was highest in Patna region (Bihar and Jharkhand) at 92.95 per cent, followed by Lucknow region (Uttar Pradesh-East) at 89.59 per cent, Guwahati region (Northeast) at 60.38 per cent, Kanpur region at 46.63 per cent and Meerut (Uttar Pradesh-West) at 43.58 per cent.
| DIRECT GAINS (Collections in Rs crore) | |||
| April-July | 2009-10 | 2010-11 | % change |
| Corporation tax | 42,685 | 51,627 | 20.95 |
| Personal income tax | 31,279 | 33,940 | 8.51 |
| Total | 73,990 | 85,647 | 15.75 |
Growth of corporate income tax was highest in Bhopal region (Madhya Pradesh-Chhattisgarh) at 219.23 per cent, followed by Nagpur region (parts of Maharashtra) at 86.36 per cent, Patna region (Bihar and Jharkhand) at 74.03 per cent, Delhi region at 73.26 per cent, Bhubaneswar region (Orissa) at 55.92 per cent and Pune (parts of Maharashtra) at 39.48 per cent.
The government has estimated an overall tax mop-up of Rs 7,46,000 crore in the current financial year. It has set a target of collecting Rs 4,30,000 crore by the way of direct taxes alone. Direct tax collections for 2009-10 stood at Rs 3,78,000 crore. This was lower than the revised estimate of Rs 3,87,000 crore.