India's direct tax collections slow down

Friday, 20 September 2002, 07:00 Hrs
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NEW DELHI: India's tax collections slowed down during the second quarter of the current fiscal.

Tax collections grew by 22.62 percent during April-July, compared to the corresponding period last year, but thereafter till September 15 tax collections grew by just 8.6 percent, according to finance ministry data.

While net direct tax collections totalled 125.17 billion during April-July, thereafter till September 15 the mop-up totalled 173.81 billion. This compares favourably with collections of 160.07 billion during the corresponding period last year.

Corporate tax collections have shown some improvement growing by 8.3 percent till July and by 8.9 percent thereafter till September 15, compared to the corresponding periods last year. The total corporate tax collections stood at 54.64 billion till September 15.

This translates into an increase of 4.44 billion over the corresponding period of the previous year.

In the case of income tax (I-T) there has been a slowdown. I-T collections grew by 8.9 percent during April-July, but by 8.5 percent thereafter till September 15, with total collections at 119.17 billion. Last year during the April-September 15 period, I-T collections were much lower at 109.87 billion.

India is targeting direct tax collections of 911.40 billion during the 2002-03 fiscal, with expected corporate tax collections of 486.16 billion.

Source: IANS
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