Tax Revenues Rise Further in India
August 8, 2013 Taxation in India
NEW DELHI – Tax revenues in India have continued to rise for yet another quarter, but the overall expansion is contracting.
Over the three months ending July 2013 net collection of direct taxes in India has risen by 10.37 percent compared to the same time period in the previous year, according to a statement issued by the national Ministry of Finance on August 7th.
Gross collections of direct taxes rose by 13.27 percent, with the difference between the net and gross amounts being attributed to tax refund payments made over the three months.
Collection of corporate income taxes grew by 9.75 percent, reaching INR 921 billion, compared to a total of only INR 839 billion over the same period in 2012.
Collection of personal income taxes grew by 19.32 percent, standing at INR 636 billion, compared to INR 533 billion just one year ago.
Wealth tax saw the most significant rise in collections, growing by 38.62 percent to reach INR 2 billion.
Despite the increases, taxation experts have noted that the current growth rate is lower than during the previous year, when the year-on-year increase was 34 percent, although the difference has been attributed to a higher payout of tax refunds over the course 2013.
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