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Govt collects Rs 44,463 cr taxes in Q1
August, 02nd 2006
The Government collected over 40 per cent more revenue from taxes at Rs 44,463 crore during the first quarter of this fiscal against Rs 31,668 during the corresponding period of 2005-06.
However, the tax collections during Q1 was just 13.6 per cent of targeted revenue of Rs 3,27,205 crore for the entire fiscal, showed figures by Controller General of Accounts.
Increase in tax revenue was led by customs duty collections, which were up by 31.97 per cent at Rs 19,517 crore during the April-June period despite cuts in peak duty rates.
Corporation tax rose by a whopping over 50 per cent to touch Rs 16,721 crore during Q1 as against Rs 11,147 crore in the year ago period.
Excise duty collections fetched 6.62 per cent more to the government's kitty at Rs 15,209 crore against Rs 14,264 crore.
Income tax collections showed a growth of 29.33 per cent to Rs 10,620 crore as compared to Rs 8,211 crore during April-June, 2005.
For June, the customs duty collections registered a growth of 44.20 per cent to Rs 7,073 crore as against Rs 4,902 crore in the same month a year ago.
During the month, Indian corporates paid a tax of Rs 14,891 crore on their earnings as compared to Rs 12,217 crore n the same month of 2005, up 21.88 per cent.
However, excise duty collection posted a growth of 11.63 per cent to Rs 8,749 crore in June over Rs 7,837 crore collection during June 2005.
On income tax front, the collection for June stood at Rs 4,107 crore while in the same month a year ago the government collected Rs 3,401 crore, an increase of 20.75 per cent.
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