Money > Budget > Budget News & Analysis FEBRUARY 21, 2002 | 19:50 IST    rediff.com 


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Direct Tax collection touch Rs 473 bn, but way behind target

Direct Tax collections were up by 0.26 per cent to Rs 472.87 billion during April-January this fiscal, but the government is far behind the annual target of Rs 852.75 billion.

Net Direct Tax collection upto January was at Rs 472.87 billion, which is 55.4 per cent of the Budget estimate, official sources said on Thursday.

In other words, the government has to accomplish the uphill task of mopping up about Rs 380 billion in the remaining two months of this fiscal to meet the target.

In the last two fiscals, the government could mop up about Rs 210 billion in the last months.

"The trend of collection during the first ten months shows that although gross Direct Tax collection have improved over the last year by about 5.6 per cent to Rs 604.49 billion, heavy refunds have almost neutralised the improvement in net collection," sources said.

Net collections was only 0.26 per cent higher than Rs 471.67 billion mopped up during the first ten months of 2000-01.

But refunds were higher at Rs 131.62 billion during the first ten months this fiscal compared to Rs 100.85 billion in 2000-01.

Despite slowdown, gross collections last fiscal was at Rs 572.52 billion, which is much higher than Rs 461.41 billion mopped up in the previous fiscal.

This fiscal, both income and corporate tax collections were lower than the desired levels.

This fiscal, both income and corporate tax collections were lower than the desired levels.

Income Tax collections were at Rs 231.27 billion, which is 57 per cent of the Budget estimates. Upto January, Income Tax mop up was higher by 2.95 per cent from Rs 224.64 billion in 2000-01.

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