The Narendra Modi government said on Wednesday that it is hopeful of exceeding its full-year target of indirect tax collections by Rs 40,000 crore, but direct tax collection may fall short of the figure by an equal amount.

The overall tax collections stood at Rs 10.66 lakh crore as of Jan.31, 2016, or 73.5 percent of the full-year target of Rs 14.49 lakh crore, according to an official statement.

Indirect tax collections were up 33.7 percent, while direct taxes grew at 10.9 percent.

"Looking to the trend, it appears that as far as indirect tax collections are concerned, the government may get more than Rs.40,000 crore extra over and above the BE target for indirect taxes for 2015-16 while there might be an equal amount of shortfall in direct tax collections," the statement said.

The government is confident of meeting the overall tax collection target.

"However, both direct and indirect tax collections put together, we expect to meet the annual BE target of Revenue collections for the current year without any shortfall," the statement said.

The tax collection figures come two days after the government came out with its Q3 GDP estimate and the revised estimates for the previous two quarters.

The economy was estimated to have expanded by 7.3 percent, while the first and second quarter estimates were revised upwards at 7.6 percent and 7.7 percent, respectively.

The full-year growth rate for FY2016 was estimated at 7.6 percent.

The Union Budget will be presented on Feb. 29, 2016 by union Finance Minister Arun Jaitley. The budget session of parliament starts on Feb. 23.