New Delhi, July 20: Corporation tax collection has registered a negative growth in the first quarter of the current financial year over the same period last year. It has gone down by 2.82 per cent in the first quarter. Income tax collection in the first quarter of the current financial year, however, has grown by 24.83 per cent over the same period in 1998-99.Total direct tax collection during the period has increased by only 5.96 per cent in the first quarter.
The corporation tax collection in June 1999 was Rs 3,112.14 crore--Rs 171.85 crore less than the June 1998 collection. Total corporation tax collection in the first quarter of this fiscal is Rs 2,670.64 crore--Rs 77.45 crore less than last year's collection.
Income tax collection in June 1999 was Rs 1338.65 crore, Rs 63.55 crore more than the June 1999 collection. Total income tax collection in the first quarter has been Rs 4011.86 crore--Rs 798 crore more than the first quarter collection in 1998.
Income tax collection from Mumbai in thefirst quarter was Rs 1,121.10 crore. Delhi contributed Rs 658.26 crore to the income tax kitty in the first quarter and Chennai Rs 307.10 crore.
The total direct tax collection in June 1999 has been Rs 4,421 crore--Rs 226.32 crore less than June 1998 collection. Total direct tax collection in the first quarter was 6,424.81 crore--Rs 361.61 crore more than the first quarter collection last year.
Combined collection of corporation tax, income tax and interest tax in the first quarter was Rs 6,352.98 crore--Rs 303.19 crore less than the target fixed for the period.
Total budget estimate for the three heads in the current financial year has been fixed at Rs 58,760 crore. Budget estimate for corporation tax and income tax in 1999-2000 is Rs 30,850 crore and Rs 26,910 crore respectively. Budget estimate for interest tax in the current financial year is Rs 1,000 crore.
It may be noted that total indirect tax collection in the first quarter was Rs 23,151.8 crore--Rs 12,663.1 crore in excise and Rs 10,488crore in customs.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.