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Our Bureau

New Delhi , Oct. 23

THE Centre's tax collections have registered a buoyant growth so far during the current fiscal, particularly on the direct taxes front.

According to the Chairman of the Central Board of Direct Taxes (CBDT), Mr P.L. Singh, net direct tax revenues during April 1 to October 15 this year, amounted to Rs 36,733 crore, representing a 20.42 per cent growth over last year's corresponding figure of Rs 30,504 crore.

"The high growth has come about despite the fact that there has been a 36 per cent increase in refunds over this period, from Rs 13,144 crore to Rs 17,898 crore. We have taken a conscious decision to process all returns within four months from the date of filing and issue refunds thereafter," he pointed out.

Within direct taxes, net revenues from personal income tax have gone up by 7.15 per cent, from Rs 15,690 crore to Rs 16,812 crore, while that from corporation tax have swelled by 34.46 per cent, from Rs 14,814 crore to Rs 19,920 crore. For 2003-04 as a whole, the Centre has targeted a total direct tax collection of Rs 95,569 crore (Rs 51,499 crore from corporation and Rs 44,070 crore from personal income tax). "We have budgeted a growth of 15.9 per cent, whereas we have so far achieved 20.42 per cent," Mr Singh observed.

The revenue buoyancy has been lower in respect of indirect taxes, with total excise collections during April-September 2003, at Rs 40,321 crore, being 8.55 per cent higher than the previous year's corresponding figure of Rs 37,147 crore. Customs revenues have risen by 8.66 per cent, from Rs 21,344 crore to Rs 23,192 crore.

The Chairman of the Central Board of Excise and Customs, Mr A.K. Singh, ascribed the lower growth to the huge hump in imports, pick-up in manufacturing activity, and cuts in customs tariff and excise duties on a host of commodities in the 2003-04 Union Budget.

"We have had to forgo revenue on this count, keeping in view the larger objective of promoting overall economic growth," he stated. Mr Singh further noted that the Revenue Department had forgone additional customs duty revenues of Rs 16,127 crore on account of various export-promotion schemes, including the Duty Entitlement Pass Book, Export Promotion Capital Goods and Advance Licence schemes.

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