According to latest tax collection figures for corporate and income tax, the realisation till August 14 in the current fiscal stood at 14,118 crore. Corporate tax realisation during the period was Rs 4,230 crore, and income tax Rs 9,889 crore.
It may be noted that total tax mop-up at the end of first quarter in the current fiscal was showing an impressive growth of over 20 per cent at Rs 39,174 crore over last years collection in the first quarter indirect tax Rs 28,679.38 crore and direct tax Rs 10,494.49 crore.
Finance ministry officials said that as September is one of the major revenue collection months, tax realisation at the end of the month will provide the likely trend for the whole financial year.
While the personal income tax payers submit 30 per cent of their tax liability for the financial year as first installment of advance tax payment by September 15, corporates also submit 30 per cent of their tax liability by that date as second installment of advance tax. Corporates submit 15 per cent of the total liability as first installment of advance tax by June 15.