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Income tax collections at Rs 81,000 cr in H1

india Updated: Oct 03, 2006 21:54 IST
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Income tax collections comprising both personal and corporate income tax stood at Rs 81,000 crore till September, accounting for 39 per cent of the budget estimate for the entire fiscal, a key finance ministry official said.

While total revenue collections are growing by 30 per cent, excise duty mop up is rising marginally, Revenue Secretary KM Chandrasekhar said, adding that the finance ministry is planning to rejig the excise norms with the help of Institute of Chartered Accountants of India (ICAI) to augment revenue from this levy.

"Income tax collections till September-end constitute 39 per cent of the Budget estimate of Rs 2,10,000 crore for 2006-07," Chandrasekhar said on the sidelines of release of Guidance Note on Audit of FBT and Supplementary Guidance Note on Tax Audit prepared by ICAI.

On the indirect tax side, service tax and customs duty collections are growing at a good pace, he said.

Service tax collections are growing by 30-40 per cent and customs duty mop up is growing at a good pace, he said, adding that excise collection has grown marginally (0.2 per cent).

The Central Board of Excise and Customs is looking at excise norms and plans to change them like the re-jig happened in income tax, corporate tax and customs rules.

"The focus will be on excise a bit as growth has not been very good," he said.

The ministry has sought the help of ICAI to rejig the excise norms.

On FBT, he said the collections from this levy will be Rs 4,000-5,000 crore this fiscal.