New Delhi Jan. 22: Tax collections increased by 17.19 per cent to Rs 1,48,177 crore during April-December 2002. The surge has been ascribed to industrial recovery and higher corporate earnings leading to higher collections in excise and corporation tax.
Direct taxes rose by 20.47 per cent to Rs 53,499 crore during the first nine months of this fiscal compared with Rs 44,408 crore in the corresponding period last year. Indirect taxes were up by 15.41 per cent to Rs 94,678 crore from Rs 82,036 crore in 2001, finance ministry officials said.
In direct taxes, corporation tax collections zoomed 29.65 per cent to Rs 29,529 crore during the first nine months of this fiscal compared with Rs 22,776 crore in the corresponding period last year. The Centre is aiming to raise Rs 48,616 crore through corporation taxes this fiscal, the officials said. Income tax collections grew by a moderate 11.83 per cent to Rs 23,664 crore till December this fiscal as against Rs 21,160 crore last year.
On the indirect tax front, excise duty collections increased by 17.39 per cent to Rs 57,790 crore till December 2002 as against Rs 49,289 crore last fiscal. Customs duty collections rose by 11.46 per cent to Rs 33,152 crore till December as against Rs 29,744 crore in the corresponding period last year.
The budget estimate for income tax is pegged at Rs 42,524 crore in this fiscal. The actual collections in excise is, however, way behind the budget target of Rs 91,141 crore in excise this fiscal.