Income tax collection from the Mumbai region has gone up by over 20 per cent as of November 21 over the year-ago period.
The region, which mops up more than one-third of the total direct tax, has collected Rs 1.14 trillion (Rs 1,14,000 crore) as of November 21, up from Rs 0.95 trillion in the year-ago period, showing a growth by 20.17 per cent, Principal Chief Commissioner of Income Tax and Head of Mumbai region DS Saksena told PTI.
The department is hopeful of achieving its projected collection of Rs 2.56 trillion for the fiscal by March from Mumbai region alone, he added.
Against this, indirect taxes have been doing much better with the collection till September rising over 35.8 per cent to over Rs 3.24 trillion in the first half of the current fiscal, reflecting growth in economic activity against Rs 2.38 trillion.
Saksena said while advance tax collection from the region rose only 6.47 per cent to Rs 58,000 crore during the period, up from Rs 54,761 crore a year ago, TDS collections rose 10 per cent to Rs 53,062 crore from Rs 48,223 crore.
Saksena attributed the rise in collections to the uptick in the performance of industries and “given the trend so far, we are quite hopeful of achieving the target of Rs 2.56 trillion.”
For the entire country, which comprises 17 regions, income tax collections as on November 21 stood at Rs 3.63 trillion against a budget estimate of Rs 7.97 trillion for the full year.
Nationally advance tax mop up rose to Rs 1.42 trillion from Rs 1.34 trillion in the year-ago period and thus showing a growth of 6.5 per cent.
Similarly, TDS amounting to Rs 1.95 trillion was collected from the entire country during the period, showing a growth by 11.33 per cent over the year-ago period’s collections at Rs 1.75 trillion.
The growth rate in collection during the first half of 2015—16 is double the budget requirement of 18.8 per cent for the full fiscal.
Bulk of the growth in the indirect taxes has been contributed by excise duty collection, which grew 69.6 per cent during the period. Excise collection during April—September over Rs 1.25 trillion, as against Rs 74,019 crore in the same period last fiscal, while Customs mop up grew 17.5 per cent to over Rs 1.03 trillion during the six months and service tax grew 24.3 per cent to Rs 95,493 crore.
The government has budgeted to collect over Rs 6.47 trillion from indirect taxes in the current fiscal, a growth of 18.8 per cent over last fiscal.