Corporate advance tax collections in Mumbai, which contributes around 35-40% to the country’s tax kitty every year, have increased by just 20% in the current financial year to December against 60% growth in the same period of the previous fiscal. Barring mainly government-owned banks, private sector lenders and some of India’s largest companies have reported dips in advance tax payments for the October to December quarter.
With the latest figures available, the tax authorities feel that Mumbai may fall short of meeting its revenue target of Rs 1.57 lakh crore slated for FY09 (April 2008-March 2009). The national revenue projection stands at Rs 400,000 crore in the current financial year.
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