Direct tax collection up 3.65 per cent........

Direct tax collection up 3.65 per cent

Agencies::::

New Delhi: The Centre's net direct tax collection grew by just 3.65 per cent to Rs 59,465 crore during the first quarter of the current fiscal year-on-year, as tax authorities gave much higher refund.

"Lower growth in net tax collection was mainly on account of higher tax refund outgo," an official statement here said.

Tax payers got of Rs 17,600 crore, representing a 52.01 per cent growth over Rs 11,578 crore given in the first three months of last fiscal.

Collection from direct tax comprising corporate tax and personal income tax stood at Rs 57,373 crore during April-June, 2008.

The Centre mopped up Rs 35,709 crore from corporate tax, up 3.31 per cent over Rs 34,566 crore against the corresponding period last year.

Personal income tax collection grew by 4.38 per cent to Rs 24,564 crore against Rs 22,782 crore recorded last.

Fringe Benefit Tax, which is proposed to be abolished in the Budget recorded a negative growth of 7.56 per cent at Rs 1,031 crore against Rs 1,115 crore.

Securities Transaction Tax also declined by 9.90 per cent at Rs 1,462 crore against Rs 1,623 crore, representing decline in value of trade in stock market.