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Monday, Feb 11, 2002

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Ministry irked at slippage in I-T collection

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THE Ministry of Finance has expressed concern over the slippages in income tax collections from the regions of Karnataka and Kerala.

Income tax which included corporation tax collections was Rs 2,906.7 crore for the first 10 months of the current fiscal year.

The target for the region for this period was Rs 3,244 crore. Briefing presspersons here, Mr. Gingee Ramachandran said that while there was an improvement in gross collection, the net collection was below target in view of the large refunds issued during the early part of the year.

Referring to indirect taxes, he said, however, some improvement had taken place. Excise duty collections till December- end last year was Rs 5,440.15 crore as against Rs 4,950.04 for the corresponding period of the previous year, a 9.9 per cent growth.

But customs duty collections also suffered a setback, he said. Customs duty collections till January this year was Rs 2,241.27 crore, 28 per cent below the figures for the corresponding period of the last fiscal. This, he said, was mainly on account of a fall in revenue from decreased crude imports.

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Ministry irked at slippage in I-T collection

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