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Mumbai's direct tax mop-up may not meet revised target
March, 03rd 2012

Direct tax collection from Mumbai region is likely to fall little short of the revised target set by the government, sources in the income tax department said.

As per sources, direct tax collection for the Mumbai region was initially set at Rs 1.80 lakh crore for the current financial year which was later revised to Rs 2.04 lakh crore.

"We may fall little short of the revised target of direct tax collection set by the government. However, we are trying to meet it," sources said.

Incidentally, the Centre had initially estimated a 20 per cent increase in direct tax mop-up for the country at Rs 5.33 lakh crore for this fiscal which was later revised to Rs 5.80 lakh crore.

However, direct tax receipts in the current fiscal to February 5 were Rs 3.6 lakh crore.

Meeting tax collection target becomes crucial for this financial year to contain the burgeoning fiscal deficit.

The latest data shows that fiscal deficit during April-January stood at Rs 4.35 lakh crore or 105.4 per cent of the full-year budgeted target.

Meanwhile, several economists have predicted that the country would not be able to meet the fiscal deficit target of 4.6 per cent set for this fiscal and may overshoot it by one percentage point.

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