New Delhi: The Government has collected a total of Rs2,00,000 crore through direct taxes, net of refunds, till 20 December 20, and the CBDT officials claim that the figure has surpassed indirect taxes for the first time.
Within the next few days, the government exchequer’s kitty will swell to more than last fiscal’s budget estimates of Rs2,10,000 crore, according to Finance Ministry sources. In fact, it could happen on Monday itself, they added.
This year, the budget target is Rs2,67,490 crore, but the officials claimed that it would be easily crossed and direct taxes would yield more than Rs3 lakh crore.
While break-up of the tax collection was not immediately available, the Central Board of Direct Taxes (CBDT) officials said the direct tax kitty swelled due to buoyant economy and better tax compliance.
They said that in most advanced nations, direct tax collections are more than those from indirect taxes, and India has come in the line with developed nations in this respect.
The indirect tax collection, comprising all the three levies, grew by 15.4 per cent to stand at Rs1,48,201 crore till October this year.
Though the figures of indirect tax collections till 20 December are not available, CBDT officials claim that direct tax collections have easily surpassed indirect taxes, if the trend of growth in indirect tax collections so far is taken into account.
Meanwhile, initial figures for collections from advance tax were expected to be quite robust. The last date for submitting advance tax for the third quarter of this fiscal is 15 December.