Direct tax collections up 50.7%

Advance tax payments by India Inc pushed up direct tax collections by 50.7 pc to Rs 27,240 crore till September 15 this fiscal. Income tax c...

Advance tax payments by India Inc pushed up direct tax collections by 50.7 pc to Rs 27,240 crore till September 15 this fiscal. Income tax collections grew by 55.5 pc to Rs 17,999 crore till September 15 in 2004-05 from Rs 11,574 crore in the year-ago period.

According to official sources, corporate tax mop up rose by 42 pc to Rs 9,241 crore till the middle of this month from Rs 6,503 crore a year ago mainly due to higher advance tax payments by companies. During September 1-15, India Inc paid Rs 3,252 crore in corporate taxes in the current financial year compared to Rs 1,739 crore in the previous fiscal.

In case of income tax, the collection was at Rs 1,858 crore during the first 15 days of this month as against Rs 1,808 crore in the same month of 2003-04.

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Direct taxes were growing by a robust 46 pc at Rs 21,187 crore till August 2004-05, as against Rs 14,528 crore in the year ago period. Income tax was up by 55 pc at Rs 15,141 crore during the first five months. Corporate tax collections were up by 26 pc at Rs 5,989 crore till August.

The overall tax collection till August was up by 17 pc mainly due to single digit growth in indirect taxes. Duty cuts on petroleum and steel to rein in inflation had decelerated the growth in overall tax collection.

Israeli Prime Minister Benjamin Netanyahu holds up a map while speaking at the 80th session of the United Nations General Assembly, Friday, Sept. 26, 2025, at U.N. headquarters. (AP Photo/Stefan Jeremiah)

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