Monday, November 29, 1999

Advance tax mop-up soars 19pc: CBDT

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Ahmedabad, June 16 (PTI) The Central Board of Direct Taxes (CBDT) chairman SSN Moorthy today said the first installment of advance tax collection has registered a growth of 19 per cent over the same period a year ago. "I am happy to submit before the finance minister that advance tax collection as on today has registered a growth of almost 19 per cent compared to the year-ago period," Moorthy said. This shows our healthy industrial and financial growth which will help us in reaching the target of Rs 4.30 lakh crore, he added. Moorthy was speaking at a function organised by the Gujarat IT department where Finance Minister Pranab Mukherjee was also present. CBDT zonal member-Western region CS Kahlo said, "the performance of the Western region continues to be good which is clear from fresh indications that advance tax collection from top 100 corporate assesses in the region showed an increase of 40 per cent." Meanwhile finance ministry sources in New Delhi told PTI that the country''s top 100 companies, led by ONGC and Reliance Industries, have paid Rs 12,661.73 crore in advance tax to the government in the first quarter of this fiscal, representing an 18.68 per cent jump over the same period last fiscal. But some large corporates like State Bank, Grasim Industries, ACC, Ambuja Cement, Siemens, Deutsche Bank, Barclays Bank, and Bank of America, paid less tax to the Exchequer compared to the year-ago period, according to the finance ministry sources. ONGC has paid the highest tax at Rs 1,093 crore, up 24.20 per cent from Rs 880 it had paid in the first quarter of the last fiscal. Reliance Industries'' tax outgo stood at Rs 653 crore this quarter, more than double the Rs 314-crore it had paid in the same period last fiscal. This is followed by SBI which has paid Rs 869 crore, which is a steep 18.63 per cent less than Rs 1,068 crore it had paid in Q1 last fiscal. However, the bank comes up as the second largest tax payee. The indirect taxes mop-up too jumped 49 per cent to about Rs 35,000 crore during April-May 2010-11. The government proposes to collect Rs 3.01 lakh crore as corporate tax during the current fiscal, up from Rs 2.5 lakh crore in the previous fiscal.

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