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Journalism of Courage
Tax collection was up by 6.0 per cent at Rs 65,990 crore till August this fiscal from Rs 62,325 crore in the same period in 2002-03, mainly due to buoyancy in corporate tax and excise. While indirect taxes grew by 7 per cent to Rs 51,460 crore till August, direct taxes were up by a mere 2.1 per cent at Rs 14,530 crore, top finance ministry officials told PTI. Industrial recovery resulted in higher collections in corporate tax and excise.
Excise collection grew by 7.02 per cent to Rs 32,597 crore in the first five months from Rs 30,457 crore in April-August 2002-03, the officials said. Customs mop up also grew by 6.95 per cent to Rs 18,864 crore till August this fiscal, compared to Rs 17,639 crore in the year ago period, they added.
Although gross tax collection was up by over 10 per cent at Rs 85,000 crore till August this fiscal compared to Rs 77,000 crore in the same period last fiscal. In August, indirect tax collections were at Rs 10,980 crore this year compared to Rs 10,381 crore a year ago. While excise collection was Rs 7,028 crore, customs mop up was at Rs 3,951 crore during the last month.
Last fiscal, centre collected Rs 1,26,224 crore in indirect taxes — excise collection was Rs 81,304 crore and customs was Rs 44,920 crore. The indirect tax grew within a range of 5.6-9.4 per cent in the first five months of this fiscal. While it peaked in June, the growth was lowest in April. In case of direct tax, the growth in corporate tax mop up was a robust 19 per cent but it was down by almost 3.0 per cent for income tax. Centre targets to mop up Rs 95,569 crore in direct taxes during this fiscal.
