New Delhi: The government has collected more than Rs3.12 lakh crore in direct taxes till 17 March, still leaving over Rs32,000 crore to be mopped up in the 14 remaining days of the fiscal to meet the truncated target of Rs3.45 lakh crore.
The direct tax collection at Rs3,12,800 crore is a 18.8% growth from Rs3,12,202 crore in the same period last fiscal, a statement from the Central Board of Direct Taxes (CBDT ) said on Wednesday.
Corporate advance taxes have grown by 17.5% to Rs1,23,400 crore against to Rs1,05,100 crore in the comparable period last year, while corporate tax deducted at source has gone up by 36% to Rs59,500 crore compared to Rs43,800 crore in the same period last fiscal, it said.
An initial analysis of trends in advance tax collection up to fourth quarter of this fiscal shows steady performance in banking, pharmaceuticals, chemicals and fertilizers, IT, telecom, insurance and FMCG, it said.
Advance tax payment by 50 largest tax paying corporates stood at Rs16,252.48 crore in the fourth quarter against Rs14,703.19 crore in the year ago period, sources said.
“In the remaining days, CBDT expects to reach the revised target of Rs3.45 lakh crore,” an official statement said. The target was lowered by Rs20,000 crore from Budget estimate of Rs3.65 lakh core for this fiscal.