Friday, June 27, 2008

43% Growth In Corporate & Income Tax Collections

by Jenny Hodge

Indian federal government said that the collection from Corporate Income Tax and personal Income Tax as on 21st June, 2008 was Rs. 494.11 billion ($12.3 billion) exhibiting a growth rate of 43.45% over the previous year.

The latest data released by the government shows that the collection from Corporate Income Tax stands at Rs 306.55 billion ($7.66 billion), at a growth rate of 39.81% over the previous year, while the collection from Personal Income Tax is Rs. 187.56 billion ($4.6 billion) showing a growth rate of 49.82% over previous year.

The buoyancy in tax collection is significant considering the fact that refunds to the tune of Rs. 108.10 billion ($2.7 billion) have been issued till date at a growth rate of 33.7% over previous year.

The advance tax payments by top companies have shown a healthy growth.

The highest contribution has come from ONGC followed by SBI and SAIL indicating that the growth is visible in almost all sectors of economy.

 

 

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