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Indian Tax Revenues Underperform

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

28 February 2013


Indian gross tax revenue for the first nine months of the current financial year fell significantly short of Finance Ministry targets, in spite of year-on-year growth of 15%.

These shortcomings are revealed in a new document, the Economic Survey 2012-13, published ahead of P. Chidambaram's first Budget as Finance Minister. Revenues for the period April-December, 2012 totaled INR6.83 trillion (USD126.1bn). The Budget estimates projected a figure of INR10.77 trillion.

However, a number of taxes performed well in comparison to the same period in 2011. Excise duty revenues rose by 17.4%, customs duty revenues by 6% and service tax by 33%. There was also a 22.5% increase in personal income tax revenues, and a 10.6% rise in the corporate tax figure. However, the Finance Ministry had projected a 15.5% increase in the revenue generated through corporate tax. Worse still, excise duties under-performed on Budget projections by 16%, and customs by 16%. Service tax and personal income tax were the only taxes to outperform expectations, and were above target by 5.9% and 7.6% respectively.

Chidambaram will unveil his Budget on February 28.

TAGS: Finance | tax | India | fiscal policy | budget | corporation tax | excise duty | revenue statistics | individual income tax

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