The leading indicator of corporate profitability, advance tax collections, has recorded an over 42 per cent rise in the current fiscal till September 15, at Rs 9,241 crore, compared to Rs 6,503 crore in 2003-04.
The rise in corporate tax collections, has also soared above the budget estimate of 40 per cent, for this fiscal, made by Finance Minister P Chidambaram.
In the same period income tax receipts have reached Rs 17,999 crore, compared to Rs 11,574 crore in last fiscal, recording an even better growth rate of 55.5 per cent.
The net collection of direct tax for the Centre till September 15, has touched Rs 27,240 crore. Of this, the first fortnight of this month has contributed Rs 6,110 crore. Corporate tax accounted for Rs 3,252 crore, while income tax receipts was Rs 2,858 crore.
The tax figures show that the finance ministry has achieved almost 20 per cent of the budget estimate, with corporate tax having reached 10.4 per cent, and income tax at 35.3 per cent.
Companies pay their second installment of tax dues, aggregating 45 per cent of their dues, for the year by September 15. In their first installment, paid by June 15, the companies pay 15 per cent of their dues. BY September 15, they pay another 30 per cent of their tax.
This also ensures an easier availability of liquidity for the Centre, while it staggers out the liability for the companies. The net corporate tax receipts for the period for the first 15 days of September has touched Rs 3,252 crore. This is 87.11 per cent more than the receipts for 2003-04 at Rs 1,738 crore.
The income tax receipts for the same period was Rs 2,858 crore, against Rs 1,808.37 crore, recorded in the same fortnight last year.