Leading UAE construction company, Arabtec Construction, builders of world's tallest tower Burj Khalifa, have joined hands with realty company Raheja Developers to make their India entry through a series of infrastructure projects, including three housing projects worth $240 million (Rs.1,020 crore).
Although the direct revenue garnered during the April-October period this fiscal is way higher than the Rs.2,36,176 crore mopped up during the same period of 2010-11, the percentage-wise shortfall in collection may be interpreted by some analysts as proof of the ongoing economic slowdown. This is despite the fact that the government has noted time and again that the revenue collection targets for the year would be met.
However, according to an official statement, net direct tax collection for the seven-month period at Rs.2,18,850 crore marked an increase of a mere 7.1 per cent as compared to the previous fiscal owing to the huge outgo on refunds.
Alongside, what may refute the argument of a slowdown is that gross corporate tax collection was a robust 20.35 per cent higher at Rs.1,89,872 crore during April-October this fiscal against Rs.1,57,767 crore mopped up in the same period last year. Likewise, gross personal income tax collection was up by 20.17 per cent at Rs.93,769 crore.
The mop-up by way of wealth tax grew by 10.6 per cent to Rs.418 crore from Rs.378 crore in the same period last fiscal. However, owing to the absence of boom in the stock market during the fiscal year, collection through securities transaction tax (STT) declined by 17.9 per cent to Rs.2,958 crore during April-October this year as against a mop-up of Rs.3,602 crore in the same period last year.