Income-tax collections have registered a growth of 43 per cent so far this year and the Finance Ministry is confident of meeting this year's Budget estimates, according to the Union Revenue Secretary, Mr K.M. Chandrasekhar.
This growth is due to a number of factors like growth in economy, good financial performance by companies resulting in higher corporate income-tax payments, improved administration, better compliance and measures to check avoidance, he said here. (According to the 2006-07 Budget, taxes on income for 2005-06 were Rs 66,239 crore while the estimates for 2006-07 were Rs 77,409 crore.)
Mr Chandrasekhar, who earlier reviewed the performance in Tamil Nadu, said the performance in customs, excise and service tax collections was also good.
Asked about his meeting with Tamil Nadu Government officials, Mr Chandrasekhar said he discussed the Money Laundering Act with them. This legislation involved various other acts like the Forest Act, Arms Act and IPC and could be implemented jointly with the State Governments. Tamil Nadu's performance on tax collection was good, he said.
Till October 15 this financial year, the income-tax collections in Tamil Nadu - both corporate and personal - stood at Rs 5,600 crore against Rs 4,442 crore in the same period previous year.
The collections so far were 40.36 per cent of the year's target of Rs 13,872 crore.