New Delhi, Nov 13: Tax collections surged by 12 per cent to Rs 1,14,414 crore till October this fiscal due to robust corporate tax mop-up and significant improvement in excise and customs duties. Direct tax collections grew by 18.62 per cent to Rs 38,758.61 crore till October this year from Rs 32,674 crore in April-October 2002, mainly due to 34.36 per cent rise in corporate tax mop-up while income tax was growing by only 5.4 per cent, Finance Ministry officials told reporters here today.
Hefty corporate earnings helped corporate tax collections to surge by 34.36 per cent to Rs 20,907 crore till October 2003 from Rs 15,561 crore in the same period last fiscal.
Income tax inched up by 5.4 per cent to Rs 17,816 crore till October 2003 from Rs 16,902 crore in the same period last year, ministry officials said.
Indirect tax mop-up increased by 8.82 per cent to Rs 75,655 crore during the first seven months of this fiscal from Rs 69,521 crore in April-October 2002.
Excise mop up surged by 8.82 per cent to Rs 47,679 crore during the first seven months from Rs 43,814 crore in April-October 2002, they said.
Customs collections surged by 8.83 per cent to Rs 27,977 crore during the first seven months from Rs 25,707 crore in April-October 2002.
Bureau Report