The direct tax collections rose by about 23 per cent to Rs 64,230 crore (Rs 642.30 billion) in April-December 2003 mainly due to an impressive mop up from the corporate sector.
With this, the Centre has met over 67 per cent of the budgeted Rs 95,569 crore (Rs 955.69 billion) for the 2003-04 fiscal.
"With advance taxes accruing usually by March, we expect to achieve the target," Minister of State for Finance Shripad Naik told PTI in New Delhi.
Of the total direct taxes mop up, collection through corporation tax amounted to Rs 38,647 crore (Rs 386.47 billion) till December 31, 2003. The collection was Rs 29,102 crore (Rs 291.02 billion) in the previous year period, thus showing a growth of nearly 33 per cent.
The corporation tax collection till December constituted 75 per cent of the estimated mop up of Rs 51,529 crore (Rs 515.29 billion) during 2003-04.
With industrial sector showing a resurgence during the second quarter, official sources said meeting the targets of corporation tax was not an uphill task considering that the collections had reached three-fourth of the budgeted figure.
Income tax collection grew by about 10 per cent to Rs 25,583 crore (Rs 255.83 billion) during the first nine months of this fiscal as compared to Rs 23,326 crore (Rs 233.26 billion) in the year-ago period.
With the Centre estimating Rs 44,109 crore (Rs 441.09 billion) from income tax this fiscal, the mop up through this channel during April-December has completed 58 per cent of the budgeted level.
