The Hindu : Tax collections up

Online edition of India's National Newspaper
Wednesday, Feb 12, 2003

Business

Business

Tax collections up

NEW DELHI FEB. 11. Tax collections surged by 15.26 per cent to Rs. 161,450 crores in the first ten months of this fiscal despite a steep fall in direct tax collections last month. Tax collections increased by Rs. 21,373,55 crores so far this fiscal from Rs. 140,076 crores in the first ten months of 2001-02. However, the tax mop up was only 4.32 per cent higher at Rs. 13,336 crores in January against Rs. 12,784 crores a year ago, according to figures released today.

While direct tax collections during April-January rose by 16.72 per cent to Rs. 55,193 crores, indirect tax was up 14.51 per cent at Rs. 106,257 crores. Among direct taxes, income tax collections increased by a modest 10.91 per cent to Rs. 25,649 crores in the first ten months from Rs. 23,127 crores in the year-ago period. During January this year, income tax collections increased by less than one per cent to Rs. 1,985 crores from Rs. 1,966 crores a year ago. The Centre targets to raise Rs. 42,524 crores from income tax this fiscal.

Corporation tax mop up increased by 23.54 per cent to Rs. 29,222 crores during the ten months from Rs. 23,655 crores in the year ago period. In January, corporation tax collections fell to Rs. 307 crores from Rs. 878 crores.

The Government has estimated Rs. 48,616 crores from corporation tax in the entire fiscal. The total direct tax collection is targeted at Rs. 91,585 crores during 2002-03.

— PTI

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