Tax kitty swells 19.65%

The government's tax mop-up increased 19.65 per cent to Rs 2,38,008 crore during the first nine months of the current fiscal, owing to a rise in personal income tax and central excise collection. In the April-December period in 2004-05, the total collection was Rs 1,98,924 crore.

The Centre has budgeted for an increase of 20.91 per cent in its gross tax collections during the current fiscal.

The government was expected to achieve its budget collection target of Rs 3,70,025 crore though there might be a shortfall under one or two heads, said finance ministry officials "But the shortfall will be covered by a higher collection under other heads," said an official.

The ministry is counting on collecting at least Rs 2,000 crore more than the Budget estimate of Rs 53,182 crore customs duty, while it hopes to collect nearly Rs 21,000 crore in service tax against the Budget estimate of Rs 17,500 crore during 2005-06.

Indirect tax collection rose 15.72 per cent to Rs 1,36,516 crore during the nine-month period ended December 2005, compared with Rs 1,17,965 crore during the corresponding period last year.

There was an increase of 9.7 per cent in the excise duty mop-up of Rs 75,020 crore during the period, while Customs collection rose 15.8 per cent to Rs 47,715 crore. Service tax collections remained buoyant, increasing 65.4 per cent to Rs 13,781 crore during the first three quarters of this fiscal, as against Rs 8,332 crore in the corresponding period last year.

The direct tax collections rose 25.36 per cent to Rs 1,01,492 crore, compared with Rs 80,959 per cent during the same period last year.

Total corporate tax collection was Rs 60,933 crore during April-December 2005, an increase of 22.15 per cent, compared with Rs 49,883 crore during the corresponding period last year.

Personal income tax collection was up 30.5 per cent to Rs 40,559 crore during this period, against Rs 31,076 crore during the first nine months of the last fiscal.

Excluding fringe benefit tax and banking cash transaction tax, which were imposed this year, personal income tax collection was estimated at Rs 38,602 crore, which was 24.2 per cent higher than the amount collected during the first nine months last year.