Direct taxes have posted an increase in net collection by 23.5 per cent for the nine-month period up to December 15, 2003. The total net direct tax collection for the period stood at Rs 48,192 crore, according to a press release issued by finance ministry. This is an increase by Rs 9,178 crore over the corresponding period the previous year. The collection for the period December 1-15 is Rs 5,654 crore.Corporate tax mop-up rose by 35.9 per cent and it stood for the period at Rs 24,999 crore. This is an increase by Rs 6,611 crore over the corresponding period last year. Income tax collection have recorded an increase of 12.5 per cent and the collection stood at Rs 23,193 crore which is an increase of Rs 2,567 crore as compared to the corresponding period the previous year.The Budget estimate for direct tax is Rs 95,569 crore. This includes Rs 51,499 crore for corporate tax and Rs 44,070 crore for Income Tax. According to the release, 50.4 per cent of the target set for 2003-04 has been achieved. In the case of corporate tax, 48.5 per cent of the target has been achieved while for income tax it has been 52.6 per cent.
