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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