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Indian Direct Tax Collection Figures Revealed

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

12 February 2013


Indian net direct tax collections for the first ten months of the current financial year were up 12.49% year-on-year, news that will surely be welcomed by the Finance Minister, who has been speaking of the need to meet revenue targets.

The net figure for April 2012-January 2013 of INR39 trillion (USD723bn) is up on the INR34.6 trillion recorded in the same period last year. A 7.02% gross rise was seen, with collections up from INR42.5 trillion to INR45.5 trillion.

Gross corporate tax revenue rose by 3.71%, from INR28.5 trillion to INR29.6 trillion. Gross personal income tax revenue increased from INR13.9 trillion in the same period from 2011-12, to INR15.8 trillion (13.81%). Wealth tax also performed well, with a 2.85% increase. There was, however, a 9.9% drop in securities transaction tax.

Last week, Finance Minister Shri P. Chidambaram spoke of the need for revenue officers to make every effort to reach indirect tax collection targets for the 2012-13 financial year. The Government has set a target of a 27% revenue increase but Chidambaram acknowledged that there is "apprehension" that this is unlikely to be met with less than two months of the year left.

Talking to Central Board of Excise and Customs (CBEC) officials, Chidambaram stressed: "In the remaining seven weeks or so you must make efforts to achieve the budgeted target."

TAGS: Wealth | Finance | tax | India | budget | corporation tax | revenue statistics | individual income tax

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