Corporate and Income Tax collections show growth rate of over 43%

Corporate and Income Tax collections show growth rate of over 43%

PERSONAL INCOME TAX GROWS NEARLY 50%

The Collection from Corporate Income Tax and Personal Income Tax as on 21st June, 2008 is Rs. 49,411 crore exhibiting a growth rate of 43.45% over previous year. The collection from Corporate Income Tax stands at Rs 30,655 crore at growth rate of 39.81% over previous year, while the collection from Personal Income Tax is Rs. 18,756 crore showing a growth rate of 49.82% over previous year.

The buoyancy in the tax collection is significant considering the fact that refunds to the tune of Rs. 10,810 crore have been issued till date at a growth rate of 33.7% over previous year.

The advance tax payments by top companies have shown a healthy growth. The highest contribution has come from ONGC followed by SBI and SAIL indicating that the growth is visible in almost all sectors of economy.