The collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.
The higher realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore (Rs 686.75 billion), as against Rs 59,465 crore (Rs 594.65 billion) during the corresponding period last fiscal.
According to the figures released by the Finance Ministry here on Tuesday, corporate tax collection, which is a reflection on the performance of India Inc, soared 21.65 per cent to Rs 43,439 crore (Rs 434.39 billion) during the reporting period.
But the realisation from personal income tax, STT, banking cash transactions tax etc grew marginally by only 1.24 per cent to Rs 24,075 crore (Rs 240.75 billion) during the April-June period.
However, the realisation from the securities transaction tax declined to Rs 1,094 crore (Rs 10.94 billion), from Rs 1,462 crore (Rs 14.62 billion) in the first quarter of previous fiscal.
As regards advance tax, the first quarter witnessed the highest increase of 31.4 per cent to Rs 26,876 crore (Rs 268.76 billion), up from Rs 20,456 crore (Rs 204.56 billion) during the same period last fiscal.
While the advance tax collection dropped by 3.5 per cent during 2008-09, it recorded an increase of 25.1 per cent in the previous fiscal.
The increase in advance tax collection was 30 per cent in 2006-07 and 26.9 percent in 2005-06.
The government expects to mop up Rs 4.3 trillion by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.
