Tax collection rise 9.02 pc

NEW DELHI, AUG 6: The revenue collections during the first four months of the current financial year totalled Rs 39,665 crore registering...

NEW DELHI, AUG 6: The revenue collections during the first four months of the current financial year totalled Rs 39,665 crore registering an increase of 9.02 per cent over the corresponding period last year.

Though indirect tax collection for the period has grown by 16 per cent over the same period last year, direct tax collection is showing a disturbing trend due to the substantial decrease in corporate tax collections.

Total direct tax collections have fallen to Rs 7,311 crore upto July 1999, as against Rs 8,483 crore last year in the four month period. The decline has been mainly on account of a sharp fall in corporate tax collections due to refunds.

The corporate tax collection went down by 41.39 per cent in the first four months of 1999-2000 as compared to the same period in 1998-99. Corporate tax recorded a collection of Rs 2,402 crore up to July 1999. Collection of corporate tax for the same period last year was Rs 4,129 crore.

Though the figure for corporate tax realisation is not available for July this year, collections in the previous months suggest that huge refunds have been made in the month.

Total corporate tax collection in the first quarter of 1999-2000 was Rs 2,670.64 crore even after recording a collection figure of Rs 3,112.14 crore in June 1999.

According to the senior revenue department officials collections of corporate tax is expected to improve when the second instalment of advance tax payment will come on September 15.

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However, registering an increase of 21.52 per cent, income tax collection upto July 1999 has been Rs 5,133 crore as against collection of Rs 4,224 crore upto July last year.

On the Indirect tax side, collections have maintained good growth rate in the first four months. Excise collections touched Rs 17,241 crore during the period8211;Rs 3,077 crore higher than ther same period last year. The excise collection during April-July was 21.72 per cent higher compared to last year.

Customs revenue collections grew by 10.99 per cent upto July 1999 to Rs 14,232 crore.

Total indirect tax collection including those other than excise and customs was Rs 32,354 crore upto July this year as compared to Rs 27,901 crore in the same period last year, representing an increase of 15.96 per cent.

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It may be noted that total indirect tax collection in the first quarter of the current financial year had grown by 20.9 per cent over the same period in 1998-99, with excise collection growing by 29.5 per cent and customs collection by 12.1 per cent.