Current Affairs-Indian Economic Survey-2012-13:Gross Tax Revenue in April-December 2012 Grows by 15% over Corresponding of Previous Fiscal

Gross Tax Revenue in April-December 2012 Grows by 15% over Corresponding of Previous Fiscal

The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today states that the Gross Tax Revenue in April-December, 2012 has grown year-on-year by 15% to reach Rs. 6,83,345 crore. This was higher than that of 12.2% in April-December 2011. It however, falls significantly short of the growth envisaged by the budget estimates of 2012-13 (Rs. 10, 77,612 crore). 

The Survey points out that growth in April-December, 2012 comprises of 17.4% in union excise duties, 6% in customs, 22.5% in personal income tax, 33% in service tax and 10.6% in corporate income tax. In terms of the implied year-on-year growth envisaged by BE 2012-13 over provisional actuals of 2011-12, there is a slippage in the first nine months of current fiscal in corporate income tax by 4.9 percentage points, customs by 18.9 percentage points and central excise by 16 percentage points. There is overperformance in service tax collections by 5.9 percentage points and personal income tax by 7.6 percentage points with an overall slippage of 6 percentage points. 

The Survey notes that slippage in tax revenue collection could be lowered with some additional efforts in the last quarter based on the observed collection in the last quarter of previous year.