Business Daily from THE HINDU group of publications
Wednesday, May 16, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, May 16, 2007 ePaper |
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Industry & Economy
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Taxation Web Extras - Income Tax Net direct tax collection up 128% in April Our Bureau
New Delhi May 15 The Centre's net direct tax collections recorded a robust growth of 128.42 per cent in April 2007 to Rs 5,441 crore as against net collections of Rs 2,382 crore achieved in the same month last year. However, the gross direct tax collections for the period under review declined to Rs 7,935 crore as compared to Rs 9,940 crore collected in April 2006. Official sources attributed the decline in gross collections to the absence of `large demand' tax flows in April. Last year, there were large demands made in March for which the collections came in April. But this year that did not happen. The Government had through Finance Act 2006 curtailed the time period of completion of scrutiny assessment and therefore the demands had to be raised by December 31 instead of March 31, official sources said.
Net corporate tax collections stood at Rs 1,602 crore in April 2007 as against net outflow of Rs 1,418 crore in the same month last year. Net personal income tax collections in April 2007 stood at Rs 3,836 crore as compared to collections of Rs 3,796 crore in April 2006.
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