Registers growth of 19% in tax collection from Gujarat; nationwide growth just 10%
The recession it seems is a thing of the past as far as the income tax department is concerned. For, the department in the state has witnessed a growth of 19% in tax collection this fiscal even as the nationwide collection increased by just 10%.
The income tax department has collected Rs14,320 crore till March 20 of this fiscal. This is a tad below the target of Rs14,790 crore. DS Rastogi, chief commissioner of income tax (Ahmedabad), said "The growth of 19 % includes both the corporate and individual segment. The figure is expected to move up as around eight more days are left for the month to end."
Moreover, the growth in advance tax (corporate and individual) is 28.79%. The growth in corporate taxes alone is 32.55 % while it is 6.36% for individuals.
Earlier, the advance tax and income tax revenues were affected by the slowdown but, there was no adverse impact on corporate tax. "The number of tax payers has also increased with the state registering more than 28 lakh tax payers," he said.
Without disclosing the name, Rastogi said an individual who was paying an income tax of Rs2.50 crore last fiscal had paid Rs14.50 crore this fiscal which is a rise of more than 480%. The other top four individual tax payers paid Rs10.50 crore, Rs10.28 crore, Rs7.43crore and Rs6.75 crore by way of tax.
This fiscal, the tax collection from advance tax payers was Rs7,150 crore which is more than the Rs5,429 crore collected in the corresponding year. Rastogi also said that till the last quarter, the income-tax collection was negative, with middle-level tax payers unable to pay their tax.
"However, the growth in tax collection is due to overall growth of higher- level tax payers. In the corporate sector, the top tax payer is from the banking sector who paid Rs1,396 crore," he added.
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