Direct tax collections rise 18.8 per cent: CBDT

The centre's direct tax collections this year have already surpassed the total net collections of fiscal 2007-08 with an 18.8-per cent rise at Rs3,12,202 crore as of 17 March, though still Rs33,000-crore short of the current year's revised target of Rs3,45,000 crore.

The government has 14 more days of the fiscal to meet the truncated target of Rs3,45,000 crore, which was revised downward by Rs20,000 crore from the budget estimate of Rs3,65,000 core for this fiscal amidst the economic slowdown.

Corporate advance taxes have grown by 17.5 per cent to Rs1,23,400 crore against Rs1,05,100 crore in the comparable period last year, while corporate tax deducted at source has gone up by 36 per cent to Rs59,500 crore against Rs43,800 crore in the same period last fiscal, a statement from the Central Board of Direct Taxes said.

Advance tax collection up to fourth quarter of this fiscal showed a steady performance in banking, pharmaceuticals, chemicals and fertilisers, IT, telecom, insurance and FMCG, an initial analysis of trends showed, the release said.

Advance tax payment by 50 large corporates stood at Rs16,252.48 crore in the fourth quarter against Rs14,703.19 crore in the year-ago period.

CBDT expects to reach the revised target of Rs3,45,000 crore, an official statement said.

CBDT has advised tax payers, who have not paid their advance tax for the fourth quarter of this fiscal, to pay the same by 27 March.

"Failure to pay the tax deducted at source or advance tax due may attract penal consequences and tax scrutiny. It has been noticed that a large number of deductors have not deposited tax deducted at source in the government account. The income tax department has electronic record of such instances," it said.

Corporate tax payers and others liable to statutory tax audits are required to pay their tax online to the netbanking system.

Excise and customs duty collections, however, have declined in February while service tax collections have grown at a slower rate than the previous few years, making it difficult for the government to meet the revised gross tax revenue target of Rs6,27,949 crore for the fiscal year ending 31 March.

The fall in excise and customs collections have been in tandem with a slowdown in manufacturing and declining imports.