Income Tax department has set a target of Rs 35,287 crore in taxes to be collected from the state during the current financial year, according to top Income Tax sources.
Sources told Express on Thursday that the department has set a target of Rs 22,789 crore in taxes from corporates while Rs 12,498 from the salaried and others.
The gross collections till now is Rs 8,238 crore of which refund is 2,112 crore, sources said.
Interestingly, last year the target was 30,151 crore and the department’s gross collection was Rs 32,393. After refunds worth Rs 3,023 crore, the net collections was Rs 29,370 crore.
“We have been growing at 27 per cent if you see the gross collections but due to high percentage in refunds (226 per cent), the net growth rate is eight per cent,” a source added.
According to recent sector-wise details available with Express, banking is the biggest contributor followed by manufacturing, automobiles, finance and refineries.
Banking’s contribution was Rs 344.20 crore, about 22.04 per cent of the total taxes collected, followed by manufacturing whose contribution is Rs 268.96 crore, about 17.22 per cent of the taxes. Interestingly, automobile sector’s contribution is only 12.53 per cent (Rs 195.66 crore). Meanwhile, finance sector contributed Rs 185.18 crore (11.86 per cent) and refineries contributed 153 crore as taxes.
Refineries sector showed a growth rate of 163.79 per cent followed by manufacturing sector which grew to 47.63 per cent. Banking sector’s contribution grew by 42.11 per cent while automobile sector’s growth rate was 33.18 percent. Finance sector contribution was on the negative at –1.46 per cent.
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