Progressive Bihar - Finally the sleeping giant is waking up

Progressive Bihar - Finally the sleeping giant is waking up
Progressive Bihar - Come support it's growth path.

Saturday, June 11, 2011

Another indication that Bihar is progressing

I have been away from blogging for sometime now but I do continue to track developments that are happening. That Bihar is progressing is substantiated by yet another indicator that that came out today : The Income Tax collection growth rate.

Bihar now stands at the 2nd position in the country in terms of percentage growth rate in income-tax collection. The income tax collection growth rate has been 26.9% for the financial year 2010-2011. The income tax collection growth rate was 19.8% for the financial year 2009-2010 and Bihar stood at the 5th position.

This is a remarkable feet and signifies both of the two things:
  1. The mechanism of tax collection is improving and more people are coming under the tax net and are paying their taxes.
  2. More people are prospering than before and therefore more people are paying taxes or are paying higher taxes. 
As per the figures made available by the department, net I-T collection of Bihar and Jharkhand region during the financial year 2010-11 stood at Rs 4,263 crores against the budget target of Rs 4,079 crore. During the previous year (2009-10), the collection was Rs 3,358 crores against the target of Rs 3,170 crores. Thus, the tax collection shows a 27% growth against the last year's 19.8%.

A unique feature about Bihar's income-tax collection is that the contribution of tax deduction at source (TDS) has been remarkable. While TDS contributes 30% of the total tax collection in the country, its contribution is as high as 70% in Bihar. This represents a growth of 43% in 2010-11 against 24% growth rate in 2009-10 as per the statistics available with the I-T department.

This and more details are present in The Times of India article "Bihar jumps to second spot in I-T growth rate"

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