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Tax collections points to healthy growth

Riding the buoyancy in industrial production and higher sales, the government has mopped up a large chunk of revenue through advance tax and indirect tax collections. Higher indirect tax collections were from several sectors, including petroleum, chemicals and textiles. ONGC, SBI and RIL led the corporate taxpayers’ list for the first quarter and recorded a growth of 24.2% and 108% respectively. However, State Bank of India, the country’s largest bank, paid 18% lower advance tax compared to the year-ago quarter.

The government proposes to collect Rs 301,331 crore as corporate tax in 2010-11, up from the Rs 255,076 crore in the previous financial year. Advance tax numbers are seen as an indicator of corporate sector profits. Thus, advance tax collections for the April-June quarter point to healthy performance.

Categories: Economic Growth
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