38.61% growth in direct tax collection

38.61% growth in direct tax collection Net direct tax collections in the April-June 2008 stood at Rs.57, 373 crore compared withRs 41,391 crore in April-June 2007- recorded a 38.61% growth. Personal income tax was themajor contributor in overall collection ? recorded 48.84% growth in April-June 2008compared with April-June 2007. Personal tax includes FBT; STT and BCTT.Corporate tax collection wasup by 32.65% in April-June 2008 compared with April-June 2007. Growth in Fringe BenefitTax (FBT) was 38.74 %, while Securities Transaction Tax (STT) and Banking Cash TransactionTax (BCTT) grew at 22.11% and 21.03%, respectively. Among regions, tax growth in Mumbai and Delhi was 40.19 % and 53.57 %, respectively. Otherregions with high tax growth are Nagpur (74.08 %); Kochi (68.08 %); Bangaluru (47.26 %)and Kolkata (45.30 %). According to the PIB press release the cost of direct tax collection has declined to anall-time low of 0.54 % during 2007-08, amongst the lowest in the world. Powered byCapital Market - Live News