CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Indian Tax Revenues Grow 32%

Indian Tax Revenues Grow 32%

by Lorys Charalambous, Tax-News.com, Cyprus

07 October 2008


Net direct tax collections during first six months of the current fiscal year registered growth of 32.54%, driven by strong increases in corporate and personal income tax revenues, the Indian government has announced.

According to the Ministry of Finance, total net tax collections in the six months to the end of September 2008 stood at INR1.47 trillion (USD30.5bn), up from INR1.11 trillion in the same period last year.

Growth in corporate taxes was 35.65% (INR952.8 billion compared to INR702.4 billion last year). Personal income tax (including fringe benefit tax, securities transaction tax and banking cash transaction tax), grew at 26.94% (INR517 billion compared to INR407 billion last year).

Growth in corporate tax deducted at source (TDS) remained above 52%, while personal income tax TDS grew at 28% despite tax relief given to individual taxpayers in the 2008 budget. Corporate TDS collections stood at INR308.1 billion by September 30, 2008, against INR202.1 billion during the first six months of last year. Personal income tax TDS stood at INR332.7 billion as against INR260 billion in the same period last year.

Self-assessment tax paid by both corporate and non-corporate taxpayers, voluntarily before filing their tax returns, registered substantial growth of 111% and 71%, respectively.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »