Direct tax mop-up jumps 15.7% to Rs 85,647 cr

Direct tax collection has shot up 15.75 per cent to Rs 85,647 crore (Rs 856.47 billion) in the first four months of the fiscal, driven by a healthy 21 per cent jump in corporate income tax realisation.

In the corresponding period last fiscal, direct tax collection stood at Rs 73,990 crore  (Rs 739.9 billion).

As per the data released by the Central Board of Direct Taxes today, the growth in corporate income tax logged in a healthy 21 per cent growth to Rs 51,627 crore (Rs 516.27 billion) as against Rs 42,685 crore (Rs 426.85 billion) in year-ago period.

Mobilisation from 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 (Rs 339.4 billion), up from Rs 31,279 crore (Rs 312.79 billion).

The securities transaction tax, however, continued to fall. STT collected during the four-month period ending July declined by 26.25 per cent to Rs 1,652 crore (Rs 16.52 billion) compared to Rs 2,240 crore (Rs 22.4 billion) in the year-ago period.

Interestingly, the Patna region which include Bihar and Jharkhand, showed the highest growth in personal income tax collection at 93 per cent against the national composite figure of 8.5 per cent.

In terms of growth in corporate income tax, the Bhopal region, which include Madhya Pradesh and Chhattisgarh, clocked the highest growth of a whopping 219.2 per cent compared to the national average of 21 per cent.