Advance tax collections up 28.6 pc till June 18 | india | Hindustan Times
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Advance tax collections up 28.6 pc till June 18

Booming industrial activity resulted in corporates paying 28.6 % higher advance taxes of Rs 13,796 crore till June 18 this fiscal year.

india Updated: Jun 19, 2007 19:21 IST

Booming industrial activity resulted in corporates paying 28.6 per cent higher advance taxes of Rs 13,796 crore till June 18 this fiscal, swelling government's direct tax kitty by a whopping Rs 37,444 crore net of refunds.

The government's total direct tax collection were up 57.5 per cent till June 18, compared to the corresponding period last year, a Finance Ministry official said, adding that the figures are provisional and will be updated.

Country's financial capital Mumbai contributed the most at Rs 5,007.31 crore, representing a 47.14 per cent growth year on year.

Corporates in Delhi circle paid Rs 2,692.69 crore, an increase of 26.84 per cent from last year figures.

The highest increase of 52.71 per cent was seen in the Chandigarh circle where corporates paid 149.9 crore as quarterly advance tax.

During the first month of this fiscal, industry witnessed a growth to 13.6 per cent, against 9.9 per cent in April 2006.

The industrial growth, as measured by the Index of Industrial Production (IIP), showed good performance despite the core sector that contributes to 26 per cent of the index showing a low growth of 7.4 per cent in April.

While the manufacturing sector recorded a 15.1 per cent growth in April as against 11 per cent in the same month last year, the electricity generation went up by 8.7 per cent against 5.9 per cent in the previous year.

The mining sector, however, continued to perform poorly with a low growth of 3.4 per cent, the same as in the corresponding period last year.