Financial Daily from THE HINDU group of publications
Saturday, Mar 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Mar 23, 2002 |
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Industry & Economy
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Taxation Revised direct tax target will be met: CBDT Our Bureau
NEW DELHI, March 22 The virtual stagnancy in net direct tax collections up to March 19, 2002 notwithstanding, the Finance Ministry is optimistic about achieving the revised target of Rs 73,497 crore for 2002-03. According to top officials, the performance on direct tax collections is expected to improve as data was still being compiled by the Principal Controller of Accounts, Central Board of Direct Taxes (CBDT) on advance tax payments made by top banks and financial institutions. At a review meeting chaired by the Revenue Secretary, Dr S. Narayan, here on Friday, the CBDT is understood to have given an indication that the revised targets would be met. The Centre had scaled down its original budget target by over Rs 11,000 crore in view of the economic slowdown. According to the break-up available, net corporate tax collections touched around Rs 6,965 crore from March 1 to March 15 this year as compared to Rs 6,660.57 crore in the same period last year, marking a 4.5 per cent increase. Factoring in the realisation of around Rs 24,395 crore up to February this year, the total works out to Rs 31,361.56 crore. The cumulative collections are, however, marginally lower than the realisation of Rs 31,722.28 crore up to March 19, 2002. Corporates pay 25 per cent of their tax liability in the fourth instalment of advance tax due by March 15. Income-tax collections, on the other hand, stood at around Rs 3,400.92 crore during March 1 to March 19, 2002 as against Rs 3,381.39 crore in the same period last year, marking a very modest increase. Taking into account the cumulative collections of Rs 25,023.64 crore up to February this year, the total works out to Rs 28,424.56 crore. The total net direct tax collections stood at Rs 59,786.12 crore, marking a modest 0.4 per cent increase over the collections in the same period last year.
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