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Government recovers Rs 18,000 crore tax
March, 25th 2009

The government's direct tax collection of Rs 3,12,000 crore as of March 17 includes Rs 18,000 crore recovered by taxmen from regular tax payers and corporate assesses who were trying to understate their liabilities.

The taxmen raised demands for recovery of these taxes as IT authorities are racing against time to meet the truncated target of Rs 3,45,000 crore by March 31.

"Rs 18,000 crore have been recovered post assessment from the demands raised by the department from the taxpayers till March 17," Member CBDT (Revenue) Saroj Bala told reporters.

Of the total recovery made, Rs 13,000 crore was collected from regular tax payers while Rs 5,000 crore was collected from corporate assessees, she said.

While the direct tax collection at Rs 3,12,800 crore is a growth 18.8 per cent from Rs 3,12,202 crore in the same period last fiscal, the tax authorities are mopping up the recoveries to meet the set targets.

By the end of this fiscal, which is March 31, the recoveries would increase by another few thousand crores, Bala said.

Corporate advance taxes have grown by 17.5 per cent to Rs 1,23,400 crore against to Rs 1,05,100 crore in the comparable period last year, while corporate tax deducted at source has gone up by 36 per cent to Rs 59,500 crore as compared to Rs 43,800 crore in the same period last fiscal.

Advance tax payment by 50 largest tax-paying corporates stood at Rs 16,252.48 crore in the fourth quarter against Rs 14,703.19 crore in the year-ago period.

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