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India Releases Latest Indirect Tax Figures

by Mary Swire, Tax-News.com, Hong Kong

24 September 2013


Indian net direct tax collections are up for the financial year to date, reaching INR2.28 trillion (USD38.09bn) earlier this month.

The latest figures released by the finance ministry show a 12.5 percent year-on-year improvement.

Corporate tax collection stands at INR1.47 trillion, up from INR1.36 trillion in the same period in 2012-13. Personal income tax collection rose from INR657.52bn to INR89.01bn, a growth of 21.08 percent.

Advance tax collections from businesses are up 7.97 percent on last year, to INR1.03 trillion. Similarly, advance tax collections from individuals increased by 4.5 percent. ONGC, SBI, Reliance Industries Ltd, Life Insurance Corporation, and HDFC Bank are the five top advance tax payers.

Both the securities transaction tax and the wealth tax performed well, bringing in INR22.10bn and INR3.09bn, respectively.

TAGS: individuals | Wealth | Insurance | tax | business | India | corporation tax | tax authority | revenue statistics | individual income tax | Tax

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