FinMin: Revenue through the direct tax collection rose 17.2%
October, 30th 2010
The Ministry of Finance has said that revenue through the direct tax collection rose 17.2 per cent to around Rs 2.02 lakh crore as of September 30, and that this was 47 percent of the government's budgetary target for the current fiscal.
Speaking to reporters after an interactive session on Direct Taxes Code (DTC) organised by Confederation of Indian Industry (CII) here, Sunil Mitra, revenue secretary in the ministry of Finance, said that tax collection, both direct and indirect, target for the current fiscal was Rs 7.45 lakh crore.
Of that, Rs 3.15 lakh crore will be through indirect tax and Rs 4.30 lakh crore through direct tax.
Looking at the current growth scenario, tax collection in the current fiscal will increase by around 19 per cent compared to last year, said Mitra.
Revenue from customs between April and September 2010 was Rs 62,747 crore as compared to Rs 37,907 crore last year, an increase of 65.5 per cent.
Central excise collection stood at Rs 60,360 crore as compared to Rs 43,234 crore, an increase of 39.6 per cent. Service tax collection rose by 16 per cent to Rs 26,889 crore from Rs 23,188 crore.
According to Mitra, of the 32.5 million income tax base, 30 per cent of the tax payers are in the zero to Rs 5 lakh category while 10 per cent are in Rs 5-8 lakh and remaining 60 per cent are above Rs 8 lakh.
Earlier talking to industry representatives on the DTC Bill, Mitra said that so far the department has received 1,600 comments from stakeholders on the draft bill which was put on the public domain last year.