Financial Daily from THE HINDU group of publications
Thursday, Nov 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 03, 2005 |
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Economy Industry & Economy - Taxation Corporation tax, Customs duty boost H1 tax collections by 24 pc Our Bureau
New Delhi , Nov. 2 POWERED by healthy growth in corporation tax and Customs duty collections, the Government's tax revenue during the first half of the current fiscal has grown by 24 per cent to Rs 96,249 crore from Rs 77,860 crore during the corresponding period the previous year. The total tax collections till September 2005 amounted to 35.2 per cent of the projected collection of Rs 2,73,466 crore for this fiscal. In the previous fiscal, for the half-year period, revenues had reached 33.3 per cent of the estimated Rs 2,33,906 crore for the whole year. According to figures released by the Controller General of Accounts, corporation tax collections reached Rs 33,926 crore during April-September 2005, registering a growth of 66.81 over the same period in the previous year. Excise duty collections grew by 10.35 per cent at Rs 40,416 crore during the first half, compared with Rs 36,622 crore in the previous fiscal. Excise duty contributions amounted to 41.99 per cent of the total tax collections. Customs duty collections rose 24.08 per cent to Rs 31,276 crore (Rs 25,205 crore). Income-tax collections remained sluggish with 16.25 per cent less at Rs 21,083 crore against Rs 25,175 crore during the corresponding period last year. For the month of September 2005, income-tax collections fell by 26.03 per cent at Rs 7,204 crore against Rs 9,776 crore during the same month last year. However, corporation tax during the month grew by 44.20 per cent to Rs 20,589 crore, compared with Rs 14,278 crore during the same month last year. Excise collections during the month grew by 27.18 per cent at Rs 9,053 crore.
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