The Hindu : Business : Tax collections off target

Online edition of India's National Newspaper
Tuesday, Apr 06, 2004

Business

Business

Tax collections off target

NEW DELHI, APRIL 5. The Central Government's total tax collections fell marginally short of the revised estimates of Rs. 2,44,600 crores during 2003-04, even as the Finance Ministry was confident of achieving the target, expecting some more revenue that is in the pipeline.

According to preliminary figures, the Government collected Rs. 2,41,390 crores from direct and indirect taxes till March 31, 2004, which was lesser than the revised estimates by over Rs. 3,200 crores. Direct Taxes, comprising income and corporate taxes, accounted for Rs. 1,01,790 crores last fiscal against the revised estimate of Rs. 1,03,400 crores.

Income-tax collection stood at Rs. 39,215 crores till March 2004 as compared to the revised estimate of Rs. 40,269 crores and corporate tax Rs. 62,500 crores against Rs. 62,986 crores (RE). Indirect taxes, comprising excise and customs collection, aggregated Rs. 1,39,600 crores against Rs. 1,41,200 crore revised estimate. Excise collection was Rs. 91,000 crores as compared to the revised estimate of Rs. 91,850 crores, while customs were Rs. 48,600 crores against Rs. 49,350 crores.

Taxes on services, which account for over 55 per cent of the gross domestic product, amount to Rs. 7,600 crores, falling short of the revised estimate of Rs. 8,300 crores. The Finance Ministry sources said they were still confident of meeting the targets, expecting realisation of about Rs. 4,000 crores, pending clearance of cheques.

— PTI

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