Telugu States surpass tax target, collect Rs 36,663 crore

In a new record of sorts, the two Telugu States surpassed their own targets of collecting Income Tax during 2015-16 financial year. As against the target of Rs 36,251 crore, the two States collected Rs 36,663 crore for 2015-16 financial year, according to Suresh Babu, Principal Chief Commissioner, Income Tax Department.

While national growth is just 7.5 per cent, growth rate in the two States is pegged at 15.4 per cent, Suresh Babu claimed. The taxes collected, include Rs 21,381 cr under Corporation Tax head and Rs 15,281 crore others, he said. “We have outshone our own target and collected taxes. The department has done a better job this time and the funds in turn will be used for growth of the two States”, he remarked. (NSS)