India's revenues from corporate tax, income tax, custom and excise
duties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillion
or $143 billion) by 2009-10, according to a study.
Collections
from corporate and service taxes as also income taxes would continue to
be on the higher growth trajectory, said the study - "Tax Revenue: The
Future Growth Path" - conducted by the Associated Chambers of Commerce
and Industry of India (Assocham).
"Service tax, which was
imposed in 1994 with three services in its net, registered a growth of
9,200 percent between 1994 and 2006-07. However, in 2006-07, the
service tax was imposed on 106 services," Assocham president Venugopal
N. Dhoot said in a statement here Sunday.
The total revenue earned during 2006-07 from service taxes was Rs.381.69 billion.
The
study also noted that there has been an increase in tax compliance as a
result of simpler tax administration and increased economic activities.
In 1992-93, the government collected Rs.78.88 billion worth of
revenues from income tax, which rose to Rs.825.10 billion in 2006-07.
And according to the chamber, this has been possible "due to better tax
compliance and increased number of taxpayers and much lesser harassment
from authorities concerned".
Volumes of tax collection from excise and custom duties have also increased significantly - by 280 percent.
"The
excise duty's share in the total tax revenue, which was 41.3 percent in
1992-93, declined to 25.1 percent in 2006-07. The customs duty's share
in the total tax revenue, which was 31.9 percent in 1992-93, fell to
17.5 percent in 2006-07, as a result of massive structuring on excise
and customs," Assocham said.
Increased economic activity
coupled with growth in the number of industrial units has contributed
to increased revenue collection from taxes.
Tax revenues to cross $143 bn by 2010
Last updated: 18 June 2007
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