Financial Daily from THE HINDU group of publications
Wednesday, Sep 25, 2002
Industry & Economy
TN: Commercial taxes yield up 13 pc in April-Aug
CHENNAI, Sept. 24
THE commercial taxes collections in Tamil Nadu this year continue to be buoyant, with the April-August 2002 revenue through this source amounting to about Rs 4,050 crore against Rs 3,590 crore for the same period last year, a 13 per cent growth.
The collection during this August was Rs 850 crore, an 18 per cent growth over the Rs 720 crore collected in August 2001.
However, commercial taxes collections during August 2002 showed only a marginal growth over the amount collected in July 2002, when the figure was Rs 843.80 crore.
The Government expects the buoyancy in tax collections to continue and does not expect any major drop in income from this source because of the failure of the south west monsoon.
The impact of the failure of the monsoon is yet to manifest itself in the tax collections.
Officials attribute the growth in tax collections to two major taxation items the five per cent infrastructure surcharge and the one per cent resale tax that came into effect from July 1, 2002, the realisation from which will be reflected in the August collections.
The officials are optimistic about the buoyancy in tax collections also because of the continued growth in entry tax collections.
The Government imposed entry tax on a range of commodities only to bring to book a number of unaccounted transactions, according to the officials, and this is now getting reflected in the tax collections.
Information available on the Tamil Nadu Government's Web site shows that total tax collections this financial year up to July amounted to Rs 3,203.87 crore, 11.55 per cent growth over the Rs 2,872 crore collected during April-July 2001.
In July, collections under three main taxation heads TNGST, CST and Entry Tax continued to be buoyant.
The collection under TNGST was Rs 690.77 crore, CST Rs 73.61 crore and Entry Tax Rs 65.97 crore.
Year-on-year, the collections under Entry Tax at Rs 204.74 crore for the April-July 2002 period showed a 148.68 per cent jump over the Rs 82.33 crore collected for the same period last year.
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