The government's tax collections grew by over 14 per cent to Rs 1,63,611 crore (Rs billion) (Rs 1,636,11 billion) till December mainly due to impressive growth in corporate tax.
Direct taxes surged by a robust 23 per cent to Rs 64,230 crore (Rs 6,423 billion), while indirect taxes grew by over 9.0 per cent to Rs 99,381 crore (Rs 993.81 billion) in April-December 2003-04, a finance ministry official said on Tuesday.
Tax collections picked up in the last few months of 2003 to clock 14 per cent growth, while the budget target has been pegged at 16 per cent for the entire fiscal.
On the direct tax front, Centre had met over 67 per cent of the budgeted Rs 95,569 crore (Rs 955.69 billion) for the whole year and is aiming to cross the target by the end of this fiscal.
Of the Rs 64,230 crore (Rs 642.30 billion) direct taxes, corporation tax amounted to Rs 38,647 crore (Rs 386.47 billion) till December, showing near 33 per cent jump from Rs 29,102 crore (Rs 291.02 billion) in the year-ago period.
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.
However, 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, collection till December amounted to 58 per cent of the budgeted level.
Indirect taxes, on the other hand, rose by over 9.0 per cent to Rs 99,380.86 crore (Rs 993.80 billion) till December but fell short of the target of Rs 1,03,439.47 crore (Rs 1,034.39 billion) for the period.
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