Chennai Income Tax exceeds collections first time after 10 years

Chennai:

Chief commissioner of Income Tax (office of the chief commissioner of Income Tax) region of Tamil Nadu and Puducherry has for the first time exceeded its budget collections in 10 years  by recording a total collection of 34,586 crore.

Chief commissioner of Income Tax Gyan Chand Jain said the revised budget target for the financial year 2011-12 was 33,041 crore and the region recorded a total collection of Rs 34,586 crore  an excess of Rs 1,545 crore.

“In spite of deterrent factors such as the general economic slowdown, the shortage of manpower and the power crisis the region could achieve this feat,” Jain said.

The region has achieved a net growth rate of 18 per cent in collections as compared to the previous financial year. Interestingly, the net growth rate achieved by this region is much higher that the all India net growth rate of 11 per cent.

“This growth rate could be achieved inspite of the increased growth rate of 76 per cent in the amount of refunds issued during the current fiscal,” he said.

Interestingly, of the four metros, Chennai region is the only one to have exceed the all India growth rate in tax collections.