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India Reports Double-Digit Tax Receipt Growth

by Jason Gorringe, Tax-News.com, London

09 March 2015


Gross direct tax collections for the first eleven months of the 2014/15 financial year were up 10.67 percent, reaching INR6.1 trillion (USD974bn).

A growth rate of 6.88 percent was recorded for net tax receipts (receipts received less those shared to the states and after the allocation to the contingency fund).

According to a report from the Government on March 5, corporate income tax and personal income tax receipts have risen by 10 percent and 11.1 percent, respectively.

Securities Transaction Tax (STT) receipts grew by 45.4 percent. Advance tax levies were up 13.41 percent, and self assessment tax receipts rose 22.5 percent. Regular tax receipts were up 9.1 percent, with revenue growth slowing substantially against the 30 percent rate of growth seen during the same period last year. Growth in receipts from tax deducted at source (TDS) also slowed to 7.49 percent from 16.7 percent in the same period last year.

TAGS: tax | India | corporation tax | revenue statistics | individual income tax | Tax

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