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- By Parinda News Bureau, December 23, 2006, 16:57 IST
Mumbai, Dec 22 (IANS) India's booming economy has made the taxman happy. The Income Tax Department in Mumbai has collected Rs.442.93 billion ($9.8 billion) so far in the current fiscal - a whooping 58.7 percent rise over the past year.
'Mumbai also accounts for 44 percent of the collections from all over India,' Chief Commissioner of Income Tax (I-T), Mumbai circle K Venkatramani said at a press conference here.
The tax collections in India's financial capital amounted to Rs.279.08 billion ($6.2 billion between April and December last year.
'The 9.1 percent growth of the Indian economy has indeed played a major role in the increase in tax collection for Mumbai,' Venkatramani said, adding measures like more efficient enforcement tax collecting methods also helped.
'The jump in Mumbai's tax collection also outpaced the average national growth,' he said adding construction, banking, oil and engineering were the sectors that performed the best.
Till the end of November, the circle had received 1.636 million returns against 1.591 million in the corresponding period last year. 'We hope to achieve our target of Rs.690 billion ($15.3 billion) for this fiscal.'
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