Revenues from direct taxes increased 17.82% to Rs 2,04,351 crore in first seven months of fiscal 2010-11, led by over 22% growth in corporate income tax collections on robust earnings.
Net direct tax collections in the first seven months of the current fiscal crossed Rs 2 trillion mark as compared to Rs 1,73,447 crore in the corresponding period of last year, according to official data released on Thursday.
Collections from corporate tax jumped to Rs 1,34,251 crore in April-October period from Rs 1,09,996 crore during the same period last year registering a growth of 22.05%.
Revenues from personal income tax that include Securities Transaction Tax and residual Fringe Benefit Tax/Banking Cash Transaction Tax rose 10.33% to Rs 69,722 crore.
Wealth tax collections rose 18.50% to Rs 378 crore.
However, collections from securities transaction tax fell 6.80% to Rs 3,602 crore in the first seven months of fiscal 2010-11.
According to the budgetary estimate, the government targets Rs.4,30,000 crore revenue from direct taxes in fiscal 2010-11, up 13.67% from the previous fiscal.