Advance tax payments in September are showing first signs of buoyancy in direct tax collection in 2001-02. Corporate tax collection in September this year appears all set to wipe out the 50 per cent deficiency built up till the end of August as compared to April-August collection in 2000-01.
Both corporate and personal income tax payers submit 30 per cent of their total tax liability for the year as advance tax installments (first in case of income tax and second in case of corporate tax) by September 15.
Finance ministry sources said that corporate tax realisation in the first 17 days of September this year stood at Rs 6,200 crore, up 77 per cent compared to Rs 3,504 crore collected in the corresponding period in the previous year. Corporate tax mop-up during the period April-August 2001, was Rs 2,688 crore only as against Rs 5,400 crore collected in the same period last year.
The cumulative collection of corporate tax up to September 17 this year at Rs 8,900 crore is almost similar to last year's collection.
Sources said that personal income tax mop-up, too, was over Rs 100 crore more than the last year for the April-September 17 period. They, however, added that the real picture of direct tax collection in the first half of this fiscal would emerge once the final figures for September are available.
Revenue secretary S Narayan told Businesss Standard that direct tax collections showed a definite buoyancy. The gross collections including huge refunds issued this year as compared to last year reflected a distinct buoyancy in direct tax collection, he added.
Gross direct tax collection during the period April-August this year stood at Rs 23,270 crore as compared to Rs 21,517 crore collected in the same period last year. Refunds during the period in 2001 increased to Rs 10,947 crore as against Rs 6,412 crore issued in the same period last year.
Narayan said that CBDT was now adopting a systematic approach to enhance tax collection. He added that the board had asked the registrar of companies to send the list of companies so that those companies not filing their returns could be tracked.
Similarly, CBDT was comparing the telephone directories with the list of income tax assessees to find out those who should file their returns but were not doing so, he said. The CBDT is also planning to track those who have stopped filing their returns, said Narayan. Focussed scrutiny would also be done to ensure better compliance, he added.
Industry heavyweights like Ambani and G M Rao among 22-member group
Vijay Kelkar Committee recommended govt to go for monetisation of unutilised and under-utilised land bank of PSEs, Port Trusts, Railways, etc ...