Direct tax collection from Mumbai to cross the govt's target
March, 30th 2013
Direct tax collection from Mumbai region is set to cross the government's target of 1.7 lakh crore by March 31, according to a senior income tax department official. By Thursday evening, the government had collected more than 1.69 lakh crore in direct taxes from the region, with the personal income-tax segment showing a substantial increase over the previous year, the official, who did not want to be named, told ET.
This figure is likely to rise by March 31-IT offices are scheduled to stay open on Saturday and Sunday-as a substantial part of the dues usually come in on the last two days of the fiscal, the official added.
Direct taxes include income tax, corporate tax and wealth tax. The Mumbai region generally accounts for 35%-40 % of the country's total direct tax collection, which this fiscal is estimated to touch 5.7 lakh crore.
The government, during the course of the fiscal, has expressed hope that it will be able to meet at least the projections for direct taxes, even though it is not confident of meeting the targets for indirect taxes.