High tax revenues from small cities
High tax revenues from small cities Smaller cities that contributed for paying direct taxes rose by about 25-78%, reports Economic Times.
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Cities such as Chandigarh, Lucknow and Kanpur outperformed in paying taxes, as
compared to the usual target of 9-20%, to other cities consequently surprised governments expectations.
It is learnt that with increased investment in building IT parks, retail, auto, real estate etc have in turn created employment opportunities as well as prospects for getting high salaried jobs.
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Increased economic activities in smaller towns, have resulted in Rs 203.23 billion tax collection into the pocket of tax department. The total collection amounted to Rs 609.70 billion till Aug 31, 2007.
Lucknow region of the state of Uttar Pradesh, deemed economically backward, has shown a growth of 78.57 % in tax collections, as against an expected target of 19.16 % within a year. Corporate tax collections touched Rs 1.82 billion as against Rs 0.76 billion previous year. Whereas, Kanpur regions has shown a growth of 62.28 % as against expected target of 18.14 % till August end this year.
Massive increase in net collection of direct taxes rose to Rs 1,090 billion upto September 15, over Rs 770 billion last year.
