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Tax collections up 15.26% till Jan
February 11, 2003 20:47 IST
Tax collections surged by 15.26 per cent to Rs 1,61,450 crore (Rs 1,614.50 billion) in the first ten months of this fiscal despite a steep fall in direct tax collections last month.
Tax mop up was only 4.32 per cent higher at Rs 13,336 crore (Rs 133.36 billion) in January compared to Rs 12,784 crore (Rs 127.84 billion) a year ago, according to official figures released on Tuesday.
While Direct Tax collection during April-January 2002-03 rose by 16.72 per cent at Rs 55,193 crore (Rs 551.93 billion), Indirect Tax was up by 14.51 per cent at Rs 1,06,257 crore (Rs 1,062.57 billion).
Among Direct Taxes, Income tax collections increased by a modest 10.91 per cent to Rs 25,649 crore (Rs 256.49 billion) in the first ten months compared to Rs 23,127 crore (Rs 231.27 billion) in the year-ago period.
During January this year, Income Tax collections increased by less than one per cent to Rs 1,985 crore (Rs 19.85 billion) compared to Rs 1,966 crore (Rs 19.66 billion) a year ago.
The Centre targets to raise Rs 42,524 crore (Rs 425.24 billion) from Income Tax this fiscal.
Corporation Tax mop up increased by 23.54 per cent to Rs 29,222 crore (Rs 292.22 billion) during the ten months, as against Rs 23,655 crore (Rs 236.55 billion) in the year ago period.
In January, corporation tax collection fell by 135 per cent to Rs 307 crore (Rs 3.07 billion) from Rs 878 crore (Rs 8.78 billion) a year ago.
The government has estimated Rs 48,616 crore (Rs 486.16 billion) from corporation tax in the entire fiscal.
The total direct tax collection is targeted at Rs 91,585 crore (Rs 915.85 billion) during 2002-03.
On the Indirect Tax front, the Centre's Excise Duty collections were up by 16.26 per cent at Rs 65,113 crore (Rs 651.13 billion) in the first ten months compared to Rs 56,005 crore (Rs 560.05 billion) in the year ago period.
Exicse mop up in January this year grew by a robust 20.22 per cent at Rs 7,423 crore (Rs 74.23 billion) as compared to Rs 6,175 crore (Rs 61.75 billion) a year ago.
The government targets to raise Rs 91,141 crore (Rs 911.41 billion) from Excise in this fiscal.
In case of customs, the collections was up by 10.87 per cent to Rs 36,903 crore (Rs 369.03 billion) in the first ten months compared to Rs 33,283 crore (Rs 332.83 billion) in the year ago period.
Customs mop up was up by 11.76 per cent at Rs 3,751 crore (Rs 37.51 billion) in January this year compared to Rs 3,356 crore (Rs 33.56 billion) a year ago.
The government targets to mop up Rs 45,193 crore (Rs 451.93 billion) from Customs during this fiscal.
The total collection till January was not even 70 per cent of the targeted Rs 2,34,995 crore (Rs 2,349.95 billion) estimated in the Budget for 2002-03.
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