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Govt expects marginal improvement in corp tax

Govt expects marginal improvement in corp tax
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First Published: Thu, Sep 17 2009. 04 14 PM IST
Updated: Thu, Sep 17 2009. 04 14 PM IST
New Delhi: The government expects a marginal improvement in corporate tax receipts for the July-September quarter mainly on account of better peformance of sectors like banking and automobiles, a finance ministry official said.
The finance ministry expects corporate tax receipts at Rs2.57 trillion in 2009/10. Corporate tax receipts were at Rs493.39 billion during April-August.
”We are expecting a marginal improvement in corporate advance tax payments this quarter, which stood at about 550 billion for the Septmeber quarter last year,” the official, who declined to be named, said on Thursday.
He said although final corporate advance tax figures for September quarter would be known by month end, banking and auto sectors are already showing growth in tax payments.
India’s net direct tax receipts are seen at Rs1.04 trillion between April 1- September 15 in 2009/10, growing by about 2% year-on-year, he said.
Last month, the finance ministry had revised upwards its direct tax receipts target to Rs4 trillion from 3.7 trillion estimated in the July budget.
“The slight growth in corporate tax, mainly from banking and financial service sectors, shows government stimulus packages have yet to make impact on corporate earnings,” said N R Bhanumurthy, economist at National Institute of Public Finance and Policy, a New Delhi-based think tank.
However, with the economy showing signs of improvement corporate tax receipts are likely to rise in next quarter, he added.
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First Published: Thu, Sep 17 2009. 04 14 PM IST
More Topics: Corporate tax | Banking | Automobiles | Finance | India |