Direct tax revenues up 40%

Booming economic activity enabled the Government to collect Rs. 99,935 Crores from direct taxes during April-November, 2006, up 40.28% over Rs. 71,237 crore in the corresponding period of the previous fiscal. The taxes under the head FBT (Fringe Benefit Tax), BCTT (Banking Cash Transaction Tax) and STT (Securities Transaction Tax) recordeda 28.70% rise at Rs. 40,920 crores during the first eight months of this fiscal against Rs. 31,799 crores during the corresponding peiod of last fiscal.

In fact, ever growing toplines and increasing bottom lines of our corporates fetched the government 49.60% more revenue from corporation tax at Rs. 59,015 crores against Rs. 39,438 crore over the period.