Corporate and Income Tax collections show growth rate of over 43%

PERSONAL INCOME TAX GROWS NEARLY 50%

The Collection from Corporate Income Tax and Personal Income Tax as on 21st June, 2008 is Rs. 49,411 crore exhibiting a growth rate of 43.45% over previous year. The collection from Corporate Income Tax stands at Rs 30,655 crore at growth rate of 39.81% over previous year, while the collection from Personal Income Tax is Rs. 18,756 crore showing a growth rate of 49.82% over previous year.

The buoyancy in the tax collection is significant considering the fact that refunds to the tune of Rs. 10,810 crore 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.

Tax collection growth shows strong increases in corporate and personal income receipts despite higher refund activity. Corporate and personal income tax receipts recorded substantial year over year growth, with personal income tax exhibiting the higher growth rate, and these increases occurring despite a significant rise in tax refunds; advance tax payments by major taxpayers and contributions from large companies across multiple sectors supported the overall upward trend.