City collects 20 pc more tax this year

Delhi has witnessed a growth of over 20 per cent in taxes collected during the first ten months of the current year as compared to corresponding period of the last financial year.

The fact was stated on Wednesday by Chief Minister Sheila Dikshit who is also holding charge of the Finance Department. She said Delhi is all-set to achieve tax collection target of Rs 20,246 crore as mentioned in the current year’s budget.

“There has been the highest 62.64 per cent growth in stamps and registration fee, 52.07 per cent in taxes on vehicles, 43.67 per cent in entertainment tax, 21.71 per cent in state excise and 14.05 per cent in vat collection,” revealed Dikshit. Over 80 per cent of the tax collection target has been achieved upto January, 2012. The buoyant tax collection is an important reason for the sound financial position of the government.

The total tax receipts during April, 2011 – January, 2012 has been Rs 16,268.06 crore compared to Rs.13,467.24 crore collected during the corresponding period in the previous financial year, a growth of 20. 28 per cent. The annual target is Rs 20,246 crore.

As per the finance department, the target of taxcollection on motor vehicle was Rs 800 crore and Rs 890.38 crore, 111.30 per cent of the target has been achieved indicating a growth of 52.07 per cent. The targeted Rs 2,300 crore in stamps and registration fee in the current year, Rs 1,851.15 crore has been realised in the first ten months, showing a growth of 62.64 per cent.  Further, the target for state excise in the current year was Rs 2,300 crore, where Rs 1,941.79 crore has been collected till now showing a growth of 21.71 per cent.

Dikshit said VAT, a major source of tax revenue, having a contribution of about 77.82 per cent recorded a growth of 14.05 per cent during April, 2011 – January, 2012.

“The target of VAT was kept at Rs 14,500 crore in the current financial year, against this, an amount of Rs 11,283.78 crore, about 77.82 per cent of the target, has been collected during the first 10 months,” said Dikshit. The year’s target of luxury tax was Rs 280 crore, and an amount of Rs 221.43 crore has already been collected.

Tally so far

* There has been the highest 62.64 per cent growth in stamps and registration fee
* 52.07 per cent in taxes on vehicles
* 43.67 per cent in entertainment tax
* 21.71 per cent in excise
* 4.05 per cent in VAT