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Tax collections up

By Our Special Correspondent

NEW DELHI OCT. 25. While direct tax collections recorded a 20.42 per cent increase totalling Rs. 36,733 crores up to October 15, indirect tax collections were less buoyant registering about 8 per cent growth at Rs. 63,413 crores up to September 30.

Providing data on the latest direct tax collections, the CBDT Chairman, P. K. Singh, told media persons that corporate tax recorded a 34.46 per cent growth at Rs. 19,920 crores unto October 15 against Rs. 14,814 crores in the corresponding period last year.

Income tax collections rose to Rs. 16,812 crores by October 15 this year in comparison to Rs. 15,690 crores in the corresponding period of previous year, showing 7.15 per cent growth.

On the indirect tax front, excise collections unto September 30 grew by 8.55 per cent to Rs. 40,321 crores from Rs. 37,147 crores. Customs collections during April-September were stated to be Rs. 23,192 crores against Rs. 21,344 crores in the first six months of last year, recording 8 per cent increase.

On the basis of the performance so far, the CBEC Chairman, A. K. Singh, said it would be possible to achieve the customs collections target of Rs. 49,350 crores this fiscal. However, realisation of the excise target of Rs. 96,000 crores would be difficult in the absence of sizable improvement in industrial production.

Elaborating further, the CBDT chief pointed out that direct tax collections recorded substantial growth despite huge refunds of Rs. 17,898 crores unto the middle of October against Rs. 13,144 crores, a growth of 36.56 per cent.

Referring to the buoyancy in direct tax collections, he preferred to be optimistic about achieving the target of Rs. 95,600 crores for this financial year as a 20.4 per cent growth had already been recorded so far against the annual growth of 15.9 per cent fixed for direct taxes. He said the initial hiccups in the issue of Permanent Account Numbers have now been resolved and of the 19.33 lakh applicants, 13.52 lakh applications have been processed.

The number of income tax assesses were 3.3 crores by April 1 this year and the Government was expecting to maintain 30 per cent growth target this year also.

Asked when would rules be formulated to implement the Benami Transaction Act passed by Parliament, Mr. Singh said the rules would follow certain amendments, which were to be incorporated in the law. To make the system taxpayer friendly, he said, there would be no scrutiny of income tax assessment made by the salaried class this year.

On poor indirect tax collections, the CBEC Chairman explained that the outgo as a result of tax incentives was as high as Rs. 16,127 crores. The revenue loss on account of rupee appreciation in recent weeks was about Rs. 300 crores, he added.

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