Amid global economic gloom, Gujarat is the silver lining. At a time when taxmen are a worried lot due to dipping collections, Gujarat Inc’s top 100 companies have given them a reason to smile. Advance tax collections for quarter-ended December 2008 are marginally higher than those in the corresponding quarter last year. Though way below target, Income-Tax officials say they are happy that collections for the quarter have not gone below the levels of 2007. Advance tax collections during the first three quarters between April 2008 and December 2008 showed an increase of 25.42 per cent compared to corresponding period of previous year. However, in quarter-ended on December 2008, the department collected Rs 720.87 crore as against Rs 699.55 crore in quarter-ended December 2007 — an increase of only 3.05 per cent. Officials say collections fell short of the target of Rs 1,000 crore for quarter ending December 2008. This fiscal, growth of quarter on quarter collections has been impressive. For quarter ending June 2008, state’s top 100 corporates paid 35.86 per cent (Rs 447.38 crore) higher advance tax as compared to quarter ended June 2007 (Rs 329.38 crore). Similarly, quarter on quarter collections were high, 43.15 per cent for September 2008 quarter as companies paid Rs 1,309.55 crore as against Rs 914.76 crore in corresponding quarter last year. “Collections for December 2008 quarter suggest that there is a slowdown. But the silver lining is that the figure is still higher than December 2007 levels,” says Mukesh Patel, an eminent tax consultant.
No comments:
Post a Comment