Total tax collections in the first nine months of the current financial year has jumped to Rs 1,48,176 crore, recording a 17 per cent rise over 2001-02, but still 3 per cent lower than the budgeted growth of 20 per cent for 2002-03.
Figures with the finance ministry show that indirect tax collections, including excise and Customs, have risen to Rs 94,678 crore from Rs 82,036 crore in the same period in fiscal 2001-02, recording an over 15 per cent rise.
In the same period, direct tax collections, including income tax and corporate tax have touched Rs 53,500 crore from Rs 44,408 crore a year ago.
This is 20 per cent rise over the collections in this sector compared to the previous financial year.
The aggregate tax collections during April-December, 2001-02 was Rs 126,445 crore.
However, while the growth rate in tax collections show an impressive rise, it is still far lower than the trend rate of growth expected for the current financial year.
The trend indicates that the Centre will still end the current financial year with a gap of nearly Rs 18,000 crore in revenue collections.
This will have an impact on the size of the annual fiscal deficit of the Centre, which has been targeted at 5.3 per cent.
However, direct tax collections show that the third instalment of advance corporate tax payable by December 15 has been buoyant.
For the Centre, another cause of worry stems from the about Rs 8,000 crore gap in disinvestment target, though non-tax revenue has been nearly on target.
Analysts said revenue collections were better than expected despite November
