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I-T collection up 21%
 
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October 07, 2005 18:50 IST

With economy showing a buoyant growth in the initial months of this year, Centre's tax collections grew by 21 per cent at over Rs 1,45,000 crore (Rs 1450 billion) in the first half of 2005-06.

While direct taxes were up by 28 per cent at Rs 58,052 crore (Rs 580.52 billion), indirect taxes increased by over 17 per cent at Rs 87,221 crore (Rs 872.21 billion), a finance ministry official told PTI in New Delhi on Friday.

Finance Minister P Chidambaram said last week that gross revenue collections inclusive of all taxes were on target during the first half.

Except excise duties, all other taxes showed double-digit growth during April-September.

Though factory production was up by over 9 per cent in the initial months, excise collections were up by 8.3 per cent at Rs 47,855 crore (Rs 478.55 billion) in the first six months of 2005-06 from Rs 44,173 crore (Rs 441.73 billion) in the same period last fiscal.

With a buoyant imports, customs duties grew by 24 per cent at Rs 31,208 crore (Rs 312.08 billion) during April-September this fiscal from Rs 25,230 crore (Rs 252.3 billion) in the same period last fiscal.

The booming services sector helped government to mop up Rs 8,158 crore (Rs 81.58 billion) in service taxes, a 66 per cent growth over Rs 4,919 crore (Rs 49.19 billion) in the H1 of last fiscal.

Higher profits of India Inc ensured that corporate tax collections was up 28.5 per cent at Rs 33,685 crore (Rs 336.85 billion) in H1 of this fiscal from Rs 26,223 crore (Rs 262.23 billion) in the year ago period.

With the rise in income of the salaried class, Income-Tax mop grew by 18 per cent at Rs 22,450 crore (Rs 224.5 billion) from Rs 18,997 crore (Rs 189.97 billion).

The collection could have been better but for the revision in tax slabs and increase in exemption limit for income tax.


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