New Delhi: India is hopeful of meeting a revised direct tax target of Rs2.29 lakh crore ($53.5 billion) set for 2006-07, Finance Minister Palaniappan Chidambaram said on 10 April.
Robust growth in earnings of companies and salaries of individuals during the last fiscal had prompted an upward revision of the target from the original aim of Rs2.11 lakh crore.
“I hope we will achieve the revised target,” Chidambaram told a video conference of tax officials.
Provisional figures with tax authorities estimate the government has already collected a little less than Rs2.24 lakh crore from direct taxes, comprising corporate tax, personal income tax and wealth tax.
A spokesman of Central Board of Direct Taxes (CBDT) said the government expects more tax inflows and that will help in achieving the target. It takes more than a month for the government to collate all the tax figures.
The government is aiming at Rs2.67 lakh crore from direct tax receipts during 2007-08, Chidambaram said.