The Hindu : Shortfall in tax collections

Online edition of India's National Newspaper
Thursday, Apr 11, 2002

Business

Business

Shortfall in tax collections

EW DELHI APRIL 10. Total direct tax collections dipped over 10 per cent to Rs. 66,735 crores for fiscal ended March 31, 2002 as compared to the revised estimate for the year, achieving only 91.7 per cent of the target.

As per provisional figures, direct tax collections posted a shortfall of Rs. 6,762 crores from the revised estimate of Rs. 73,497 crores for 2001-02, Government sources said today.

The sources said total net collections for the year up to April 3 were Rs. 67,424 crores on account of collection of Rs. 689 crores reported by zonal account offices for April 1-3, 2002.

While 91.7 per cent of the target set for 2001-02 has been achieved so far, sources said achievement in the case of corporation tax was 92.8 per cent, while in the case of Income-tax, it was 90.6 per cent. The revised estimates of corporation tax are Rs. 39,059 crores, while that of Income-tax Rs. 34,438 crores. As against this, net collections of corporation tax up to April 3, were Rs. 36,239 crores and Income-tax Rs. 31,185 crores. On a year-to-year basis, there was a marginal increase of nearly 3 per cent when compared with the previous year, while the increase in corporation tax was little over 4 per cent and that in Income-tax was 1.3 per cent, they added.

— PTI

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