Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / News/  Direct tax collection to touch Rs3,00,000 cr this year
BackBack

Direct tax collection to touch Rs3,00,000 cr this year

Direct tax collection to touch Rs3,00,000 cr this year

Premium

New Delhi: Riding on the back of booming economy and increased tax compliance, the government expects the direct tax collection to surpass budget target to touch Rs3 lakh crore during the current fiscal.

“The direct tax collection figures can touch Rs3,00,000 crore this fiscal, if the current growth momentum is maintained," Central Board of Direct Taxes Member R S Mathoda said at Geneva Group International world conference here.

As per the budget target the direct tax collection is pegged at Rs2,67,490 crore for this financial year, he said.

As on 15 November, the government kitty swelled by 42.9% at Rs1,40,373 crore against Rs98,216 crore in the corresponding period last year.

With this, net direct tax collections till 15 November stood at 52% of the budgeted target of Rs2,67,490 crore for this fiscal.

Corporate Tax registered a growth of 45.74% at Rs83,934 crore, up from Rs57,593 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 39.96% at Rs56,212 crore, up from Rs40,453 crore.

Bullish capital markets yielded 69.37% more Securities Transaction Tax at Rs4,924 crore against Rs2,908 crore in the comparable period. Fringe Benefit Tax was up by 27.11% at Rs3,078 crore against Rs2,422 crore.

Speaking on the Income Tax code, Mathoda said, discussions are going on. It would be tabled in Parliament soon.

Once it is cleared, it would bring in more clarity and efficiency in tax collection, he said, adding, as it is cost of collection of tax is very low in the country.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 Nov 2007, 03:44 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App