Direct Tax collection up by 14% at Rs 66,269cr

Direct tax collection recorded an impressive 14.3 per cent growth at Rs 66,269 crore till March 18 as compared to year-ago period, due to ri...

Direct tax collection recorded an impressive 14.3 per cent growth at Rs 66,269 crore till March 18 as compared to year-ago period, due to rise in corporation tax mop up.

With this net direct tax collection, the Centre has achieved over 81 per cent of the target of Rs 82,000 crore for this financial year, finance ministry sources said here on Monday.

Of the Rs 66,269 crore, the corporation tax registered a near 17 per cent increase to Rs 35,065 crore till the middle of March, as against the figures of corresponding period in the previous year, while income tax mop up stood at Rs 31,204 crore, posting a growth of around 12 per cent from year-ago period.

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In absolute terms, corporation tax showed an increase of Rs 5,066 crore and income tax posted a rise of Rs 3,206 crore.

However, target-wise income tax showed better performance by achieving around 84 per cent of the revised estimate of Rs 37,300 crore for this financial year. In the case of corporation tax, the mop up touched only 78.4 per cent of the revised estimate of Rs 44,700 crore, they said.

The direct tax collection also included tax deduction of source (tds) of Rs 778 crore upto January, 2003, apart from a collection of Rs 1,031 crore from zonal accounts offices upto March 18.