New Delhi: A milestone in direct tax revenue receipts has been achieved with net collections up to end November crossing the 50 per cent mark of the targeted Budget Estimate of Rs 4.3-lakh crore for 2010-11.
For the April-November 2010 period, the Centre's net direct tax collections stood at Rs 2.17-lakh crore, reflecting a 17.85 per cent increase over the Rs 1.84-lakh crore collected in the same period last year, official data released on Tuesday showed.
While corporate tax collections during the same period grew 22.30 per cent, personal income-tax collections (including STT and residual FBT/BCTT) grew 10.66 per cent.
In April-November 2009, the Centre's net direct tax collections recorded 3.71 per cent increase on a year-on-year basis while corporate tax collections grew 3.17 per cent, personal income-tax collections went up 4.53 per cent.
Meanwhile, the Centre's net direct tax collections in November grew 18.33 per cent to touch Rs 12,277 crore (Rs 10,375 crore). While corporate tax collections grew 31 per cent to Rs 4,210 crore (Rs 3,214 crore), personal income-tax collections (including STT, residual FBT/BCTT) grew 13.6 per cent to Rs 8,046 crore (Rs 7,083 crore).
In November 2009, the Centre's net direct tax collections had recorded a 0.3 per cent increase to Rs 10,375 crore on a year-on-year basis.
In April-November 2010, the Centre's securities transaction tax (STT) collections recorded a 0.55 per cent increase to Rs 4,373 crore (Rs 4,349 crore). STT collections in November 2010 stood at Rs 771 crore, reflecting a near 60 per cent increase over Rs 484 crore collected in November last year. STT is a tax on stock market trades.
India is looking to bring in a new Direct Taxes Code that is expected to come into force from April 1, 2012.
The Bill for the new Direct Taxes Code has already been introduced in the Lok Sabha and is now being examined by a standing committee of Parliament.
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