Business
Direct tax collections up in Apr.-Nov.
By Our Special Correspondent
NEW DELHI DEC. 6. Direct tax collections were up 9 per cent at Rs. 44,009 crores in the first eight months of 2001-02 against Rs. 40,412 crores during same period last fiscal.
Although gross direct tax collections were higher, net collections at Rs. 31,851 crores were 0.4 per cent less than Rs. 31,975 crores during April-November 2000, official sources said here today. Net collections of direct taxes were lower because of heavy refunds of Rs. 12,158 crores till November, 44 per cent more than Rs. 8,437 crores refunded during the same period last fiscal. Also, net collections were lower this fiscal because of the lower corporate tax collections. In net terms, direct tax collections accounted for 37.4 per cent of budgeted Rs. 85,275 crores for the entire fiscal.
The ongoing recession and a dampened effect of September 11 events cast a shadow over corporate tax collections which dipped by 5.4 per cent to Rs. 14,062 crores in the first eight months, working out to 31.8 per cent of the budget estimates. Corporate tax collections were at about Rs. 14,863 crores during the same period of last year. The dip in corporate taxes was also on account of the hefty Rs. 9,822 crores refunds.
Income-tax collections, on the other hand, rose by 2.8 per cent to Rs. 17,342 crores in the first eight months from Rs. 16,860 crores last fiscal.
Net income tax collections till November, which were 42.7 per cent of the budget estimates, were down because of Rs. 2,319 crores refund.
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