38 pc growth in direct tax collection for 2007-08

[N.Sukumar]

The government has collected over Rs 3,09,000 crore and expects to
garner Rs 3,000 crore more in direct taxes for 2007-08, it also
exceeds the government's revised target of Rs 3,04,000 crore for
2007-08.

The direct tax collection at Rs 3,09,000 crore is a growth of 38
percent over the previous fiscal, Central Board of Direct Taxes
Chairman P K Misra told reporters on the sidelines of Assocham seminar
in New Delhi on Wednesday.

Corporate income tax contributed Rs 1,89,000 crore, posting a growth
of over 33 percent compared to Rs 1,31,000 crore in the previous year.

The share of personal income tax is Rs 1,10,000 crore, up 44 percent
over Rs 76,000 crore in 2006-07.

The stock markets gave Rs 8,577 crore to the government kitty in the
form of Securities Transaction Tax, 81 percent higher over the
previous year's figure.

Banking Cash Transaction tax contributed Rs 582 crore.

Misra also sounded confident of meeting the direct tax collection
target of Rs 3.65 lakh crore for 2008-09.

He said there is better compliance as more and more people are coming
under tax net.

"We will comfortably reach 2008 target despite cut in direct taxes,"
he said.

N.Sukumar
Research Analyst