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India’s Corporate Direct Tax Collection Climbs 44 Percent in December

Posted on January 6, 2010 by India Briefing

Jan. 6 – India’s corporate direct tax collection reported a 44 percent growth year-on-year in December 2009 and a 14 percent climb for April-December 2009 period reports The Times of India.

From April to December, corporate taxes rose to Rs 1.66 lakh crore (US$36.1 billion) compared to Rs 1.46 lakh crore (US$31.7) during the same period in 2008. The government is confident that will be able to fulfill its direct tax collection target of Rs 3.7 lakh crore (about US$80.4 billion) due to stronger industrial growth and consumption.

Net tax collection for December was Rs 66,410 crore (US$14.4 billion) compared to Rs 53,347 crore (US$11.6 billion) during the same month in 2008. In contrast, personal income tax (PIT) went down by 19.7 percent to Rs 13,117 crore (US$2.8 billion).