India Inc fills up govt coffers
The Finance Minister can smile all the way to Parliament. The Income Tax collections are going straight up.
The collections up to 18th December, 2006 was a whopping Rs.1,33,461crore and this is 42.5% more than the collections for the corresponding period last year. The Indian Corporate paid 51.2% more taxes this year compared to the last. Even the Banking Cash Transaction Tax which the FM asserted was not meant to be a revenue earning scheme, brought in a neat pile of 352 Crores.
Corporate Advance Tax as on 18.12.2006 stood at Rs.59,393crore, up by 38.51% over previous year’s collection of Rs.42,881crore, indicating continued and stronger performance by the industry.
The department seems to in for a pleasant shock. Their target graph is going beyond the page and maybe new drawings have to be made for the impressive wall hangings. As against the targeted growth of 27.5% over last year as per the Budget Estimates for fiscal 2006-07, direct tax collections have grown by 45.3% so far.
If everybody starts paying income tax and on the true income, maybe all other taxes can be abolished.