Tax collections surpass budget and revised estimates

New Delhi, Apr 28 (UNI) For the first time in recent history, direct and indirect taxes overshot budget and revised estimates, with the figure touching a high of 4,70,077 crore.

Addressing a Press Conference here, Finance Minister P Chidambaram attributed this phenomenal increase to a combitaion of factors, including better compliance, improved tax administration and the high GDP growth.

Mr Chidambaram, however, was unequivocal as to whether the fiscal deficit target would also be overshot, saying that expenditure compression would have to be an essential component of this.

The final tax figures for the fiscal wich comes just days ahead of the closing of the month, indicates that the revised revenue estimates for 2006-07 were up about Rs 5,000 crore.

As against Rs 2,29,533 crore budgeted estimates for indirect taxes, and revised estimates of Rs 2,36,202 crore, the final figure touched Rs 2,40,896 crore in 2006-07.

Income tax collection was as high as Rs 85,620 crore and corporate tax stood at Rs 1,43,561 crore.

Direct tax collection was of the order of Rs 2,29,181 crore as against the RE figure of Rs 2,29,007 crore.

Custom duty amounted to Rs 86,294 crore, surpassing both BE and RE of Rs 77,066 crore and Rs 81,800 crore respectively.

Excise collections touched Rs 1,17,250 crore for 2006-07. The BE figure of Rs 1,17,967 crore was lowered to Rs 1,16,233 crore in the RE.

Service tax collection amounted to Rs 37,352 crore.

UNI