Tax collections surged by 12 per cent to Rs 1,14,414 crore (Rs 1,144.14 billion) till October this fiscal due to robust corporate tax mop-up and significant improvement in excise and customs duties.

Direct tax collections grew by 18.62 per cent to Rs 38,758.61 crore (Rs 387.59 billion) till October this year from Rs 32,674 crore (Rs 326.74 billion) in April-October 2002, mainly due to 34.36 per cent rise in corporate tax mop-up while income tax was growing by only 5.4 per cent, finance ministry officials told PTI in New Delhi on Thursday.

Hefty corporate earnings helped corporate tax collections to surge by 34.36 per cent to Rs 20,907 crore (Rs 209.07 billion) till October 2003 from Rs 15,561 crore (Rs 155.61 billion) in the same period last fiscal.

Income tax collection inched up by 5.4 per cent to Rs 17,816 crore (Rs 178.16 billion) till October 2003 from Rs 16,902 crore (Rs 169.02 billion) in the same period last year, ministry officials said.

Indirect tax mop-up increased by 8.82 per cent to Rs 75,655 crore (Rs 756.55 billion) during the first seven months of this fiscal from Rs 69,521 crore (Rs 695.21 billion) in April-October 2002.

Excise mop up surged by 8.82 per cent to Rs 47,679 crore (Rs 476.79 billion) during the first seven months from Rs 43,814 crore (Rs 438.14 billion) in April-October 2002, they said.

Customs collections surged by 8.83 per cent to Rs 27,977 crore (Rs 279.77 billion) during the first seven months from Rs 25,707 crore (Rs 257.07 billion) in April-October 2002.

In October alone, corporate tax collection was about Rs 3,374 crore (Rs 33.74 billion) while income tax collection was Rs 1,905 crore (Rs 19.05 billion).

Direct tax collection in October was Rs 5,319 crore (Rs 53.19 billion) this year as against Rs 2,917 crore (Rs 29.17 billion) last year.

The direct tax collection till October works out to be 40 per cent of the Rs 95,714 crore (Rs 957.14 billion) estimated in the budget for the entire fiscal year.

The gross collections were higher by 23 per cent to Rs 57,391 crore (Rs 573.91 billion) till October this year compared to Rs 46,652 crore (Rs 466.52 billion) in the same period last year, official sources said.

Tax refunds amounted to Rs 18,633 crore (Rs 186.33 billion) in the first seven months of 2003-04 compared to Rs 13,978 crore (Rs 139.78 billion) in the year ago period. 

Excise collection picked up in October by 12.13 per cent to Rs 7,476 crore (Rs 74.76 billion) this fiscal from Rs 6,667 crore (Rs 66.67 billion) a year ago.

The government targets to raise Rs 91,141 crore (Rs 911.41 billion) in the entire fiscal from excise duties.

Customs mop-up was at Rs 4,947 crore (Rs 49.47 billion) in October, which was 13.39 per cent higher than Rs 4,363 crore (Rs 43.63 billion) a year ago.

The government has estimated to collect Rs 45,193 crore (Rs 451.93 billion) in customs during the entire fiscal year.

The indirect tax collection target is budgeted at Rs 1,36,334 crore (Rs 1,363.34 billion) for the entire fiscal.

The overall tax target is set at about Rs 2,32,000 crore (Rs 2,320 billion) for this fiscal.