Corporation tax collection achieves target in AP

Visakhapatnam, Apr 30: The Visakhapatnam region has achieved a Corporation Tax collection targets of Rupees 1,285 crore during the 2009-10 financial year.Addressing a press conference here yesterday, the Regional Income Tax Chief Commissioner K V Chowdary said, the five districts of Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari districts in the region collected Rs 920 crore of Corporation Tax, Rs 704.80 crore of Income Tax and Rs 12.1 crore of other taxes with total of Rs 1636.90 crore, showing an overall growth of 0.2 per cent compared to previous financial year's (2008-09) collection of Rs 1634.60 crore.The target was to collect Rs 1,285 crore Corporation Tax, Rs 614 crore Income Tax and Rs 2.54 crore other taxex, with total of Rs 1,901.54 crore during the financial year 2009-10.He said the Corporation Tax collections are under the shortfall mainly on account of one large tax payer paying an amount of Rs 430 crore only during this year as against Rs 750 crore in the preceeding year. However, excluding the contributions by the said large tax payer, the region collected an amount of Rs 488 crore under the head CT against the corresponding payment by others of Rs 312.70 crore in the last year showing a healthy growth rate of 56.06 Per Cent. The growth of Income Tax collections is 24.14 per cent. ======================================================