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Fiscal Deficit: Direct tax collection to fall in FY12: Sources

March, 23rd 2012
In what could further impede Finance Minster's plans for fiscal consolidation, the direct tax collections for India stand at about Rs 5 lakh crore as against Rs 4.50 lakh crore in FY11, reports CNBC-TV18 quoting sources. Revenue has fallen short of the budgeted target - which was set at Rs 5.32 lakh crore. The target was later revised upto Rs 5.83 lakh crore. Meanwhile, sources also hint that the direct tax collection target for FY13 will be in the vicinity of Rs 6 lakh crore.