New Delhi, Dec. 18 (PTI): Tax collections grew 15 per cent to Rs 1,16,676 crore during the first eight months of this fiscal mainly due to robust growth in excise and corporation tax mop up.
Indirect taxes were up 15.68 per cent at Rs 80,450 crore during April-November while direct taxes grew 13.7 per cent to Rs 36,226 crore, finance ministry officials said here today.
Industrial recovery pushed up excise collection by 18.28 per cent to Rs 50,874 crore during the first eight months as compared with Rs 43,010 crore collected in the year-ago period.
Growth in imports also assisted in 11.45 per cent higher customs duty collections at Rs 29,576 crore during April-November this fiscal as against Rs 26,537 crore during the year-ago period.
Despite heavy refunds, direct tax collection was higher by 13.7 per cent and comprised 39.6 per cent of the budgeted Rs 91,585 crore, sources said.
Total refunds rose by 24 per cent to Rs 15,141 crore in the first eight months as compared with Rs 12,158 crore in the corresponding period of 2001-02.
Corporation tax collection was up 19.1 per cent to Rs 16,756 crore during the first eight months of this year, while income tax mop up was higher 10.7 per cent at Rs 19,204 crore till November.
On the indirect tax front, the government was able to collect Rs 10,929 crore during November, which is higher by 16.97 per cent from Rs 9,343 crore a year ago.
While excise collection went up by 18.9 per cent to Rs 7,059 crore last month, customs collections was up by 13.61 per cent at Rs 3,870 crore.
The collection from indirect tax till November was 59 per cent of the Rs 1,36,334 crore estimated in the budget for 2002-03, which is 21.36 per cent higher than what was raised last fiscal.
In case of direct taxes, the collection till November comprised 39.6 per cent of the budgeted Rs 91,585 crore, sources said.
The relatively slow growth in direct taxes, especially income tax, was on account of refunds which rose by 24 per cent to Rs 15,141 crore in the first eight months compared with Rs 12,158 crore in the year-ago period.
Corporate tax refunds comprised Rs 11,818 crore while it was Rs 3,294 crore for income tax and the remaining Rs 29 crore were under other heads.
Corporation tax collection, which was at Rs 16,756 crore till November, was 34.5 per cent of the budgeted Rs 48,616 crore for the whole year.
In the previous month, the corporation tax had grown by only 16 per cent to Rs 15,561 crore. The growth in corporate tax during October was sluggish compared with 33 per cent growth during April-September when the Centre mopped up Rs 15,264 crore.
Income tax collection, which was at Rs 19,204 crore till November, was 45.2 per cent of the budgeted Rs 42,524 crore for the whole year. Income tax collection grew by 11 per cent in October and by 11.3 per cent till September.