Financial Daily from THE HINDU group of publications
Thursday, Aug 25, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 25, 2005 |
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Economy Industry & Economy - Taxation Gross tax collections rise 26 pc in Q1 Our Bureau
New Delhi , Aug. 24 GROSS tax collections of the Union Government has recorded a 26 per cent increase in the first quarter of the current fiscal to Rs 52,283 crore as against Rs 41,151 crore in the same period last year. After transferring Rs 181 crore to the National Calamity Contingency Fund and Rs 20,434 crore to the States as their provisional share in central taxes, the net tax revenue of the Central Government in April-June 2005 was Rs 31,668 crore. The statement on quarterly review of the trends in receipts and expenditure in relation to the Budget at the end of the first quarter of financial year 2005-06 shows that corporation tax has recorded robust increase at Rs 11,147 crore (Rs 3,950 crore). It has also reflected a dip in the personal income-tax collection at Rs 8,211 crore (Rs 10,482 crore). The Government has, however, noted that there is accounting misclassification between corporation and personal income-tax and, therefore, it is advisable to look at the growth in direct taxes taken together. "This will get corrected in the subsequent quarterly reports," says the statement tabled in Parliament today. On the indirect tax front, excise duty collection in the first quarter of the current fiscal stood at Rs 14,264 crore (Rs 13,711 crore). While Customs duty collections for the period under review stood at Rs 14,788 crore (Rs 10,672 crore), the service tax collections in the same period stood at Rs 3,225 crore (Rs 2,400 crore).
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