labels: industry - general, economy - general, governance
Gross tax collection up 20 per cent news
06 June 2005

New Delhi: Robust earnings and higher tax payment by corporate India has pushed up gross tax collection by 20 per cent to Rs3,04,980 crore in 2004-05, with the government having mopped Rs71,651 crore in March 2005 alone.

The net collections after providing for states' share and refunds grew to Rs2,24,857 crore in the last fiscal from Rs1,86,932 crore in 2003-04, barely missing the revised estimated target of Rs2,25,804 crore, as per figures released by controller general of accounts.

A strong industrial growth and higher profits by companies pushed up the corporate tax collection by 32 per cent to Rs83,566 crore in 2004-05 from Rs63,562 crore in 2003-04.

Income tax collections were up by a modest 17 per cent at Rs48,312 crore last fiscal.

The rise in indirect tax collections has come in spite of a duty rationalisation in the budget and cut in duties of petroleum, steel, polymers and other products to check inflation.

Customs duties were up by over 18 per cent at Rs57,655 crore while excise duties were higher by 10 per cent at Rs99,155 crore last fiscal. The government mopped up another Rs16,292 crore from Service Tax and other taxes last fiscal compared to Rs10,004 crore in the previous fiscal.

Apart from income tax, about 82 per cent of the revenue came from India Inc last fiscal.


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Gross tax collection up 20 per cent