Indian Corporate Tax Collection Grows 20%, Official Reveals
Speaking to the Indian Express this week, a senior Finance Ministry official
revealed that corporate tax collection in the year to December 15 has shown
growth of around 20% on last year's figures, rising from Rs 15.3bn at
this point last year to Rs18.4bn at the weekend. The newspaper's unnamed source went on to add that these figures are expected
to continue to improve over the next few days, as advance tax payments are still
coming in. The Indian government had, according to the Express, been relying on advance
tax collections - whereby corporate and income tax assessees pay 30% of their
expected tax liability of the financial year as advance tax in the first two
weeks of December - to boost revenue collection figures, as a 24% increase in
refunds combined with sluggishness in the business sector resulted in disappointing
growth in personal and corporate income tax collection over the first eight
months of this fiscal year. .
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