Direct tax collection target upped to Rs3,95,000 crore

Direct tax collection target upped to Rs3,95,000 crore
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First Published: Thu, Jun 19 2008. 04 26 PM IST
Updated: Thu, Jun 19 2008. 04 26 PM IST
PTI
New Delhi: A day after coming out with a 71% growth in direct tax collections for the first two months this fiscal, the CBDT said on 18 June budget estimates under this head has been revised up by Rs30,000 crore to Rs 3,95,000 crore for 2008-09.
“We are hopeful of achieving this higher figure too. Yesterday, we have reported a robust growth of around 71% (for direct tax collections),” Central Board of Direct Taxes (CBDT) chairman R S Mathoda said here.
The original Budget estimates for direct tax collections stood at Rs3,65,000 crore.
The revised figures were over 25% higher than the direct tax collections of about Rs3,14,000 crore last fiscal.
Upbeat over 36% growth in direct tax collections last fiscal, Finance Minister P Chidambaram had earlier this month asked the CBDT to revise upwards the budget estimates under this head for the current fiscal.
“The estimate will no longer be Rs3,65,000 crore. The CBDT will meet and increase the estimate upwards,” Chidambaram had said.
“Even if you take a 25% increase over last year’s collection of over Rs3,14,468 crore, the budget estimates must be revised upward very sharply,” he had said.
The government has collected 71.28% higher revenues at Rs22,840 crore from direct taxes despite larger tax refunds for the first two months of this fiscal.
The direct tax collections have seen a hefty increase from Rs13,335 crore in the same period a year ago.
While corporate tax collections are up by 68% to Rs 8,126 crore, personal income tax grew by 73% to Rs 14,960 crore, an official statement had said yesterday.
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First Published: Thu, Jun 19 2008. 04 26 PM IST