As per the source saying @ the www.propertykhazana.com the direct tax collections have increased by 40% at Rs. 2326 billion by 2008 February and this is said to be grown by 40% compared with the previous financial years. It is because of the revised estimation in the yearly Budget 2008-09 which increased the revenues from direct tax mode which includes IT, CT, FBT, STT and BCTT up to Rs. 3044 Billion from the budget estimation of Rs. 2671 billion.
Speaking at the www.propertykhazana.com Mr. Palanimanickam, the Minister of state for finance said that by the end of the financial year 2007, the outstanding amount to be recovered by Corporate Tax, Income Tax, Custom duties, Excise duties and so on was Rs. 263 billion of which the department has recovered about Rs. 34 billion. Similarly, in March 2006 the outstanding was Rs. 215 billion and Rs. 31 billion of the total was recovered in the respective financial year.
Mr. Palanimanickam also added that the total no. of Permanent Account Number (PAN) cards issued was 1, 16, 29,950 and of the total around 4 per cent of the card holders were culpable of having duplicate cards. But, there are no records of opening Demat accounts with the duplicate PAN cards
It is also reported by the source @ the www.propertykhazana.com that under the central excise exemptions, the central government had to relinquish about Rs. 750 billion and it is Rs. 450 billion on direct tax exemptions.
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