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PM promises more fiscal support for IT
By Our Special Correspondent
NEW DELHI, DEC. 6. Direct tax collections were up by nine per cent at Rs. 44,009 crores during the first eight months of 2001-02, against a collection of 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 the Rs. 31,975 crores during April-November 2000, official sources said here today. Net collection of direct taxes were lower because of heavy refunds of Rs. 12,158 crores till November, which was 44 per cent more than the Rs. 8,437 crores refunded during the same period in the 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 the 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 during 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 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 during the first eight months of this fiscal from the Rs. 16,860 crores last fiscal. Net income tax collections till November, which was 42.7 per cent of the budget estimates, was down because of Rs. 2,319 crores refund.
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