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Advance tax collection buoyant: Revenue Secretary
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SME Times News Bureau | 25 May, 2010
Revenue Secretary Sunil Mitra said Monday the advance tax collection is buoyant at present owing to a revival in the manufacturing sector.
"All I can says is that advance tax collection is showing buoyancy, continuing with the trend of revival in the manufacturing sector, particularly automobiles," Mitra said, addressing an event organised in Kolkata by the Bengal National Chamber of Commerce and Industry.
Direct tax collection for 2009-10 has been Rs.3.8 lakh crore, higher than the projected Rs.3.70 lakh crore, and the indirect tax collection has been Rs.2.46 lakh crore, more than the targeted Rs.2.44 lakh crore, he said.
Mitra also said the revised draft of the direct tax code (DTC) would be released for public comments in the first week of June.
"There would be a short consultation period of 15 days and the final drafting would be completed by end of June," he said.
The government came out with the first draft on DTC in August last year.
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