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REVENUE COLLECTION FOR THE QUARTER ENDING JUNE 2001
Department of Revenue, Ministry of Finance, New Delhi ~ July 20, 2001
Total collection of all taxes including both direct and indirect taxes during the quarter ending June 2001 were Rs.32418.89 crore as compared to Rs.37217.16 crore during the corresponding period last year registering a decrease of 12.89%.
The collection of income tax during the quarter ending June 2001 is Rs.5894.37 crore as compared to Rs.5950.77 crore during the corresponding period. Collection of corporation tax during the quarter ending June 2001 is Rs.1737.11 crore as compared to Rs.4686.39 crore during the period of last year registering a decrease of 62.93%.
The lower collection of corporation tax is partly due to reduction in rates of dividend taxes and other concessions. It is also accounted for by clearances of pending assessments and grant of refunds. The efforts at widening of the tax base as well as closer monitoring of corporate tax payments is expected to yield positive revenue results in the forthcoming months.
Total collection of direct taxes in the quarter ending June 2001 is Rs.7718.16 crore as against Rs.10712.05 crore during the corresponding period of last year showing a decrease of 27.95%.
The collection of excise duty in the quarter ending June 2001 is Rs.14377.00 crore as compared to Rs.14350.00 crore during the corresponding period. Collection of customs in the quarter ending June 2001 is Rs.9368.44 crore as compared to Rs.11284.99 crore during the same period last year registering a decrease of 16.98%.
Decline in customs collections is due to steep drop in imports and stagnancy in excise duty has been due to the general slow-down in the economy. The growth in manufacturing activity during the quarter has been very low.
Total collection of indirect taxes in the quarter ending June 2001 is Rs.24700.73 crore as against Rs.26505.11 crore during the corresponding period of last year showing a decrease of 6.81%.
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