Business

Tax collections up 20 p.c. in Apr.-May

NEW DELHI JUNE 10. After a dismal performance last fiscal, total tax mop up has improved substantially and posted 20 per cent growth at over Rs. 15,300 crores in the first two months with the economy showing signs of recovery.

Indirect tax collections grew at 22 per cent to over Rs. 12,600 crores while direct tax mop up was higher by 19 per cent at about Rs. 3,150 crores, official sources told PTI here today.

Revenue collections, especially direct taxes, would have been higher but for the hefty refund of Rs. 5,034 crores during the first two months, the sources said. Industrial recovery pushed up excise duty and corporation tax collections significantly, while customs duty and income tax mop up showed positive growth.

Gross direct tax collections were Rs. 8,181 crores during April-May against Rs. 7,683 crores in the same period last fiscal.

However, tax refund was also higher at Rs. 5,034 crores so far this fiscal pulling down the net collections to Rs. 3,147 crores, sources said.

Corporation tax collection witnessed a 16 per cent growth during the two month period while income tax was up 6.66 per cent at Rs. 4,352 crores. The Government targets Rs. 91,585 crores from direct taxes during this fiscal.

On the indirect tax front, collections from customs duty were up by 13 per cent at over Rs. 4,800 crores while excise duties mop up increased by a robust 29.33 per cent at over Rs. 7,500 crores, sources said.

Robust excise collections pushed up the growth of indirect tax collections to 22 per cent from 21.36 per cent targeted for the entire fiscal.

The Government aims to raise Rs. 136,334 crores from indirect taxes in 2002-03, of which Rs. 91,141 crores is slated to come from excise duties and another Rs. 45,193 crores from customs.

Sources said indirect tax collection, which was growing at a negative 13.5 per cent growth at Rs. 10,000 crores during April-May last fiscal, rebounded to a double digit growth during the same period this fiscal. — PTI

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