Rajkot IT suffers Rs. 300 cr revenue loss as RIL pays tax in Mumbai
April 02, 2014
Rajkot, 2 April 2014
Income Tax department’s Rajkot Chief Commissionerate office has suffered Rs. 300 crore loss in revenue target for year 2013/14 due to Reliance Industries Limited(RIL).
The Rajkot office was assigned Rs. 2800 crore target for year 2013/14 by Central Board of Direct Taxes(CBDT). However the office could collect only Rs. 2500 crore revenue.
This is because Reliance Industries Limited(RIL) has started paying Rs. 300 crore tax in Mumbai office of Income Tax department.
RIL is included in larger taxpayer unit(LTU) category, due to which it has to pay income tax to its Mumbai office from 2013/14 onward.
Rajkot unit has earned maximum revenue through TDS from Saurashtra/Kutch region which is around Rs. 1350 crore. In absence of RIL, now Essar and Ajanta(Morbi) have emerged as largest tax payers.
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