Corporate tax collections up by 5.56 % in two months
NEW DELHI: Starting the new fiscal with a 3.19 per cent drop in April, the Centre’s direct tax collections went up by 16.88 per cent to Rs. 11,919 crore in May from Rs. 10,198 crore garnered during the same month in 2008-09.
Owing to the lower collections in April at Rs. 12,239 crore as against Rs. 12,642 crore a year ago, the net revenue collections through direct taxes during the first two months of 2009-10 rose by a mere 5.77 per cent to Rs. 24,158 crore from Rs. 22,840 crore in the same period last fiscal, according to the official data released here on Friday.
Total corporate tax collections during the two-month period increased by 5.56 per cent to Rs. 8,578 crore from Rs. 8,126 crore in the same months last fiscal while personal income-tax collections, including Securities and Transaction Tax (STT), Fringe Benefit Tax (FBT) and Banking Cash Transaction Tax, also went up by nearly six per cent to Rs. 15,559 crore from Rs. 14,690 crore during the same period a year ago.
The marginal rise in personal income tax collection was despite the fact that the mop-up through STT and FBT declined by 24.75 per cent to Rs. 7,995 crore during April-May this fiscal as compared to the same period last fiscal.
The official statement noted that the refund outgo in the first two months of 2009-10 had improved following the 61.7 per cent growth in refunds to non-corporate tax payers at Rs. 2,149 crore as compared to Rs. 1,329 crore in the same period of 2008-09.