New Delhi, Feb. 11: The country’s tax collections have shot up by 15.26 per cent to touch Rs 1,61,450 crore in the first 10 months of this fiscal despite a sharp fall in direct tax collections in January.
According to official statistics released today, tax collections went up by Rs 21,374 crore during this period from Rs 1,40,076 crore in the first 10 months of 2001-02.
However, the figures for January were disappointing, showing a mere 4.32 per cent increase at Rs 13,336 crore compared with last year’s figure of Rs 12,784 crore for the same month.
While direct tax collection during April-January 2002-03 rose by 16.72 per cent at Rs 55,193 crore, indirect tax collection went up by 14.51 per cent to Rs 1,06,257 crore.
Among direct taxes, income-tax collections increased by a modest 10.91 per cent to Rs 25,649 crore in the first 10 months compared with Rs 23,127 crore in the year-ago period.
During January this year, income-tax collections increased by less than one per cent to Rs 1,985 crore compared with Rs 1,966 crore a year ago.
The Centre targets to raise Rs 42,524 crore from income tax this fiscal.
Corporation tax mop-up increased by 23.54 per cent to Rs 29,222 crore during the 10 months, as against Rs 23,655 crore in the year-ago period.
In January, corporation tax collection fell by 135 per cent to Rs 307 crore from Rs 878 crore a year ago. The government has estimated Rs 48,616 crore from corporation tax in the entire fiscal.
The total direct tax collection is targeted at Rs 91,585 crore during 2002-03.
On the indirect tax front, the Centre’s excise duty collections were up by 16.26 per cent at Rs 65,113 crore in the first 10 months compared with Rs 56,005 crore in the year-ago period.
Excise mop up in January this year grew by a robust 20.22 per cent at Rs 7,423 crore compared with Rs 6,175 crore a year ago.
The government targets to raise Rs 91,141 crore from excise in this fiscal.