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Mumbai lends 25% to direct tax kitty
November 10, 2003 18:06 IST
Mumbai contributed over 25 per cent to the direct tax collections that surged by 18.62 per cent to Rs 38,758.61 crore (Rs 387.59 billion) till October this year.
Net direct taxes increased by 18.62 per cent to Rs 38,758.61 crore in the first seven months of this fiscal year from Rs 32,674 crore in April-October 2002, mainly due to a 34.36 per cent rise in corporate tax collections, while income tax was growing by only 5.4 per cent.
Mumbai zone, the country's commercial hub, collected Rs 10,749 crore (Rs 107.49 billion) in corporate and income taxes, followed by Delhi [Rs 5,879 crore (Rs 58.79 billion)], Bangalore [Rs 3,368 crore (Rs 33.68 billion)], Chennai [Rs 2,654 crore (Rs 26.54 billion)], Meerut [Rs 2,624 crore (Rs 26.24 billion)] and Kolkata [Rs 2,056 crore (Rs 20.56 billion)], finance ministry officials told PTI in New Delhi on Monday.
The fastest growth in direct tax collection was witnessed in Cochin (87 per cent), followed by Meerut (69 per cent), Shillong (53 per cent), Bangalore (48 per cent) and Bhubaneswar (45 per cent), the ministry officials said.