Income tax collection grows 15% in Guj
State surpasses national growth rate of 11.89%
Despite slowdown in the Indian economy, revenue collections by income tax in Gujarat have registered a growth of 15% in the first 11 months of the financial year 2008-09 over the corresponding period last year. While nationally, income tax revenue has registered a growth of 11.89% in the same period.
DS Rastogi, who took over as the chief commissioner of I-T for Gujarat region following retirement of JD Sahay on February 28, told DNA Money that the department had collected 70% amount of the target till February in the current fiscal. The target set for the current financial year is Rs14,045 crore, out of which the department has already collected Rs9,769 crore. The new chief commissioner of I-T is confident that the department will successfully collect the remaining 30%.
"There will not be any problem as the major chunk of revenues comes in the last month of the fiscal year. And yet the department has to collect advance tax, TDS collection among others," said Rastogi.
However, Rastogi said that the slowdown has affected revenues collected through advance tax and income tax while corporate tax has not been affected much.
Revealing the figures of surveys carried out by the field officers, which are not part of the investigation, he said, "Up to January, 264 surveys were conducted resulting into disclosure of Rs232 crore while in the corresponding period last year the department had conducted 146 surveys, which led to disclosure to the tune of Rs171 crore."
The department has also collected Rs110 crore by making tax verifications.
DNA-Daily News & Analysis Source: 3D Syndication