Net direct tax collections grew 32.5 per cent in the first six months of fiscal 2008-09, slower than the 40 per cent growth in the same period last year, due to moderation in advance taxes paid by corporations and individuals. Net direct tax collections (after refunds but before transfer of states' share) stood at Rs 1,47,197 crore in July-September this year as compared with Rs 1,11,055 crore in the same period of 2007-08. This amounts to a year-on-year growth of 32.5 per cent (see chart). Growth of corporation tax collections slowed to 35.65 per cent in the first six months of this fiscal as compared with 41 per cent in the same period last year. Similarly, growth of personal income tax (including fringe benefit tax, securities transaction tax and banking cash transaction tax) collections slowed to 27 per cent during the...
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