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Direct tax mop-up for Apr-Oct up 33.6%
BS Economy Bureau in New Delhi |
November 05, 2004 11:18 IST
Last Updated: November 05, 2004 12:42 IST
The Centre's net direct tax collection during April-October 2004 increased 33.6 per cent to Rs 51,791 crore (Rs 517.91 billion), which is over 37 per cent of the budget estimate of Rs 3,17,733 crore (Rs 3177.33 billion).
As per latest data available with the finance ministry, the gross direct tax collection was Rs 70,084 crore (Rs 700.84 billion) during the seven-month period while refunds were Rs 18,293 crore (Rs 182.93 billion).
Income-tax collections during the seven-month period at Rs 28,333 crore (Rs 283.33 billion) continued to be higher than corporation tax at Rs 23,314 crore (Rs 233.14 billion). Other taxes amounted to Rs 144 crore (Rs 1.44 billion).
Officials said that the higher collection of income over the corporation tax was mainly on account of some corporate wrongly ticking the column pertaining to income rather than corporate tax in their tax forms.
"We had introduced a new form in June this year. Though the objective of the form was to simplify the filing of taxes we find that several corporates have wrongly ticked off income tax column rather than corporate tax which is why the figures for income tax appears higher."
"The Comptroller General of Accounts is looking into the figures and is expected to issue the correct figures soon," an official said.