Mumbai to increase tax take as India grows
The Mumbai tax department, which accounts for 35-40% of the country’s total tax take, plans to collect 17.2% more corporate tax than last year.
The revenue authorities have set this target in response to expected buoyancy in the country’s economy.
This year’s projected corporate tax receipts for Mumbai is Rs127,200 crore ($28 billion). The national direct tax target was recently increased by 20% to Rs532,630 crore.
Tax officials hope to know if the targets are going to be met when the next instalment of advance tax collection takes place in September.