Mumbai's income tax zone misses revenue target of Rs 2.79 trillion in FY17
The Income Tax Department of Mumbai has missed the revenue mop-up target of Rs 2.79 trillion for the financial year 2016-17 on account of more refunds given to tax payers.
1. Mumbai's income tax zone has given refunds by over 30% this year as compared to previous year which is considered to be the main reason for marginally missing the revenue target
2. The city's income tax zone had achieved the revenue collection of Rs 2.48 trillion in the previous fiscal
3. Bengaluru topped the chart in collection of direct taxes among all the metros for FY17 by 21% growth
The government's collection of direct taxes from Mumbai's income tax zone has missed the revenue mop-up target of Rs 2.79 trillion for the financial year 2016-17 (FY17), PTI reported quoting a department official as saying.
The country's financial capital contributes a third of the nationwide direct tax collection.
"The Mumbai zone has missed the target of Rs 2.79 trillion for fiscal 2017 by a wafer-thin margin," the report said quoting an official of the Income Tax Department, as saying.
The income tax department official, however, didn't provide the exact amount which has been collected from Mumbai.
On citing the reason for missing the target, the official told the news agency, "We have given refunds by over 30% when compared to the previous year and it was one of the major reasons for marginally missing the target."
The Mumbai income tax zone had achieved the revenue collection of Rs 2.48 trillion in the previous fiscal.
According to the report, at the the national level, direct tax collections in 2016-17 stood at Rs 8.47 trillion, up 14.2% over the the last fiscal. The department was able to meet the target for fiscal 2017 whereas it had missed the mark for pan-India in the previous financial year, it added.
Moreover, Bengaluru topped the chart in collection of direct taxes among all the metros for FY17 while New Delhi saw a marginal growth.
In percentage terms, Bengaluru upped the chart with a 21% growth at Rs 90,000 crore, whereas New Delhi's collections inched up by 5% to Rs 1.1 trillion.
In contrast, Chennai zone grew 18% at Rs 60,000 crore and Kolkata by 15% at Rs 36,500 crore, the report said quoting the official as saying.