Financial Daily from THE HINDU group of publications
Thursday, Sep 19, 2002
Industry & Economy - Taxation
Lower advance tax hits mop-up
NEW DELHI, Sept. 18
WITH corporates forking out lower amounts in the second instalment of advance tax both in Mumbai and Delhi, the Centre's net direct tax collections grew just by around 8.6 per cent up to September 15 this year as compared to the corresponding period last year.
According to the latest official estimates, net direct tax collections stood at Rs 17,381 crore during April to September 15, 2002 (Rs 16,006.91 crore).
Corporates pay 25 per cent of their total tax liability in the second instalment of advance tax due by September 15.
The Centre has budgeted a realisation of Rs 91,140 crore from direct taxes -- Rs 48,616 crore from corporation tax and Rs 42,524 crore from income-tax - during 2002-03. The actual collections up to September 15 amounts to around 19 per cent of the Budget target (a mere 11.2 per cent for corporation tax and 28 per cent for income-tax).
Net corporate tax collections up to September 15 grew by 8.9 per cent to touch Rs 5,464 crore as compared to Rs 5019.58 crore.
There has, however, been a decline in corporate tax collections both in Mumbai and Delhi. In Mumbai, revenues from this source topped Rs 1,357.51 crore as compared to Rs 1,430.94 crore, representing a 5 per cent decline. Similarly, collections from corporate tax in Delhi stood at Rs 1,553.18 crore as compared to Rs 1,640.37 crore during April to September last year, marking a 5.2 per cent decline.
Net income-tax collections grew by 8.5 per cent to touch Rs 11,917 crore as compared to Rs 10,987.33 crore.
Income-tax collections in Mumbai stood higher at Rs 2,890.49 crore as compared to Rs 2,500.27 crore up to September 15, 2002. Similarly, income-tax collections in Delhi rose to Rs 1,750.57 crore as against Rs 1,523.70 crore. The net direct tax collection of Rs 17,381 crore up to September 15 this year also includes the tax deducted at source (TDS) of Rs 273 crore.
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