Net direct tax collection figure crosses Rs 10 lakh cr mark; entire advance tax data yet to come
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said.
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said. The entire advance tax data from across the country has not come yet, the sources said. However, the preliminary assessment indicates that the net direct tax collection has crossed Rs 10 lakh crore, they said.
The net direct tax collection during April-January of this fiscal stood at Rs 7.89 lakh crore as against Rs 12 lakh crore targeted for the entire fiscal of 2018-19. The government had earlier estimated the mop up from direct tax collection at Rs 11.5 lakh crore, which was revised upwards by Rs 50,000 crore in the interim Budget for 2019-20.
The government has been putting on a brave face on meeting the direct tax collection target. "On direct taxes, we are reasonably confident of (meeting the target). But on the indirect tax front, there may be some shortfall," Economic Affairs Secretary Subhash Chandra Garg said last week.
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The government in the interim Budget revised customs collection target from Rs 1.12 lakh crore to Rs 1.30 lakh crore. The GST collection is pegged at Rs 6.43 lakh crore for 2018-19, which is lower than the targeted Rs 7.43 lakh crore. However, the GST collection is expected to rise to Rs 7.61 lakh crore in the next fiscal.
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