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Corporate tax mop-up swells
August, 23rd 2006
Corporate Indias robust show in April-June and indications of good prospects this quarter have helped corporate tax collections jump 79% during April 1-August 15. The Budget has targeted a 34% growth for the full fiscal. According to official data, the government has mopped up Rs 21,783 crore in corporate tax during the period compared with Rs 12,141 crore in the corresponding period last fiscal. The collection, however, represents just 16% of the Budget target of Rs 1.33 lakh crore. Among the five zones of the income-tax department, Mumbai home to Indias biggest companies showed the strongest growth of 414%, with a collection of Rs 4,529 crore compared with Rs 882 crore a year ago. Official sources said the surge in the net collection was partly due to an increase in gross collection coupled with a near flat growth in refunds. The buoyancy in direct tax collections is, in fact, manifest in the area of personal income tax also. Revenue from tax on individual income rose 36% to Rs 19,168 crore from Rs 14,118 crore a year ago. This includes fringe benefit tax (FBT), securities transaction tax (STT) and banking cash transaction tax (BCTT) revenues as well. The direct tax kitty comprising corporate tax and personal income tax stood at Rs 41,004 crore, up 56% compared with Rs 26,283 crore during April-August 15, 2005. STT collections rose 138% to Rs 1,831 crore, FBT 51% to Rs 969 crore and BCTT 151% to Rs 158 crore.
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