Tax up by 22 percent in 6 months, decline in Sept
While the customs duty collection during September fell by 10.9 percent to Rs 10,126 crore, central excise mop up dropped marginally by 0.3 percent to Rs 11,417 crore. The decline in customs and excise could be attributed to both cut in duties on petroleum petroleum and slowdown in the manufacturinig activities, as reflected in the latest Index of Industrial Production (IIP).
However, services sector, the major contributor to the country`s economy, seems to be holding on. This is evident from the fact that the major services firms in the banking and telecom sector, like the SBI and Bharti airtel, were among the top 100 advance tax-payers. The gross direct tax collection, comprising mainly corporate tax and personal income tax, during the first half of the current fiscal was up 23 percent at Rs 2,57,042 crore as against Rs 2,08,971 crore, according to the Finance Ministry data released today.
The net direct tax collections, after refunds, stood at Rs 1,94,812 crore during April-September, up from Rs 1,81,758 crore in the same period last year. On the indirect tax front, the collection in April- September was Rs 1,68,670 crore, up 28.8 percent, from Rs 1,39,652 crore in the same period last year.