|
-
Customs, IT revenues have
grown impressively
-
Increase in customs not
because of oil imports
-
Corporate tax collection
returns to positive
|
India’s customs collections during the 1st two months of current financial
year have grown by 30% to Rs. 12,633 crores (USD 2.7 billion) and this revenue
has been attributed to an increase in non-oil imports or 16% of annual target
of Rs. 77,066 crores.
There was good news on other fronts too. Excise collections in May were Rs
8,695 crore up 10.7% from last year. Similarly, collection from the securities
transaction tax (STT) up to May this year has already crossed Rs 800 crores
compared to Rs 248 crores last year. Collection of fringe benefit tax (FBT) was
Rs 105 crores while collections from the banking cash transaction tax (BCCT)
were Rs 78 crores. The total collection from these sources is Rs. 1000 crores
or 10% of internal annual target collection of Rs. 10,000 crores.
More importantly, direct tax collections April-May increased by around 85%
while corporate tax collections were Rs 466 crores, 150% higher than the
negative collection of Rs 923 crores during the same period last year. Last
year, the Government strangely cut corporate taxes to spur development which
resulted in higher refunds.
Total income tax collections, inclusive of the three taxes (BCTT, STT and FBT)
were Rs 7,304 crores or up 42% compared to Rs 5,122 crores last year.
|
