Tuesday, April 12 2005 20:46 Hrs (IST) - World Time -

New Delhi: Direct tax mop up grew by about 26 per cent year-on-year to Rs 1,30,151 crore during 2004-05, but fell short of the revised targets for the financial year.

Direct tax collections during 2004-05 fell short of the revised estimate of Rs 1,33,929 crore due to fall in Income Tax mop up, even as Corporate Tax collections were on target.

However, Finance Ministry is confident of achieving the targets since they expect more tax collections for 2004-05 till the middle of this month.

Corporate Tax collection grew by over 31 per cent to Rs 83,311 crore during 2004-05 as compared to the levels during the previous year.

The taxes from India Inc surpassed the revised estimate of Rs 83,000 crore for 2004-05.

According to the latest Index of Industrial Production, the industrial sector had clocked 8.1 per cent growth during April-February 2004-05 as compared to 6.9 per cent in the previous year period.

Income Tax mop up grew by over 16 per cent year-on-year to Rs 46,840 crore during the previous fiscal, but fell short of the revised estimate of Rs 50,929 crore.