Indian Corporate Tax Collection Grows 20%, Official Reveals

by Lorys Charalambous, Tax-News.com, Cyprus

20 December 2002

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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