Direct tax collection up 26% in 2004-05

New Delhi, April 12 | Updated: Apr 13 2005, 05:30am hrs
Direct tax collection grew by about 26% year-on-year to Rs 1,30,151 crore during 2004-05, but fell short of the revised targets for the financial year.

Direct tax collections during 2004-05 fell short of the revised estimate of Rs 1,33,929 crore due to fall in income-tax mop up, even as corporate tax collections were on target.

However, the finance ministry is confident of achieving the targets since they expect more tax collections for 2004-05 till the middle of this month.

Corporate tax collection grew by over 31% to Rs 83,311 crore during 2004-05 as compared to the levels during the previous year.

The taxes from India inc surpassed the revised estimate of Rs 83,000 crore for 2004-05.

According to the lastest index of industrial production, the industrial sector had clocked 8.1% growth during April-February 2004-05 as compared to 6.9% in the previous year period.

Income-tax mop up grew by over 16% year-on-year to Rs 46,840 crore during the previous fiscal, but fell short of the revised estimate of Rs 50,929 crore.