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Tax collections may exceed targets
September, 30th 2006
After two years of flip-flop on income tax collections, this year the finance minister might finally be able to not just meet but exceed his budget targets. For a change, it's not small change but big money that is flowing into the government's coffers, and that's good news for Finance Minister P Chidambaram, who has been borrowing heavily to fund his spending programme. According to information, Corporate and Income Tax collections can exceed targets. By September end, the government had to meet 33 per cent of the target; however, so far, Rs 80,000 crore have come in, which is almost 40 per cent of the target of Rs 2,10,000 crore. For the last two years, the government had fallen short, as less than 30 per cent of the target was achieved, and in the last fiscal, the government had fallen short by a massive Rs 12,000 crore. According to data, new taxes like the Securities transaction Tax and even the FBT are doing well with the markets on a roll and the corporates doing well. Even some of the oil marketing companies figure among the top 12 taxpayers now. The pack is led of course by ONGC, NTPC, SBI, SAIL and LIC, although payments by ONGC are flat and LIC's tax payments have dipped this year. Thus, it appears that tax payees this year are giving the finance minister enough moolah to help him generate a surplus in tax collections. If this trend continues, it will be important to observe whether the benefits of high tax collections percolate down to the common man.
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