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Tax collections paint mixed picture of economy - Views on News from Equitymaster
 
 
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  • Sep 7, 1999

    Tax collections paint mixed picture of economy

    According to newspaper reports, tax collections during April- August are estimated to have increased by 11.6% (YoY). While direct tax (mainly corporate tax) collections remained subdued, it was the indirect tax collections that spurred overall growth.

    The tax collection figures paint a mixed picture of the Indian economy. The corporate tax and customs duty figures highlight the fact that the Indian corporate sector is still recovering from the recent economic slowdown. While corporate tax collections have registered a sharp decline, the customs duty collections have grown at a not-so-healthy rate.

    The silver lining is provided by the higher excise collections that reflect the increase in despatches of manufactured items. Coupled with the jump in income tax collections these figures reflect the overall buoyancy in the economy.


    April - August 1999

    However, it must be pointed out that the increase in tax collections (direct and indirect) does not accurately reflect the economic scenario. This is so because there have been alterations in various rates of duties and above all, there is an across the board surcharge of 10%. Thus, the surge in collections is not entirely accounted for by increased buoyancy in the economy.

    The collections during August 1999, however, reveal a surge in corporate tax collections (up 165% YoY). This could mark the turnaround in corporate tax collections and also highlight the fact that economic recovery is gaining pace.

     

     

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