Ten days to the close of the fiscal, direct tax collections stood at 91% of the revised estimate (RE) of R5.6 lakh crore for 2012-13, indicating the target could be missed by a whisker. During the last few days of the year, collections are usually robust but it would be a challenge to mobilise 9% of the RE in the last 10 days, analysts said.
The direct tax collection target was increased by a shade to R5.64 lakh crore in the Budget despite the economy growing at its slowest pace of 5% in a decade. Sources said the revenue department is making an aggressive bid to recover some of the outstan ding dues to take the collection figures closer to the RE.
The last tranche of advance tax payment is due on March 31. This gives an opportunity to taxpayers to revise their payments based on self-assessment.
As per official data, the department has so far collected Rs 5.1 lakh crore of corporate and personal income tax, which is 12% more than what it received in the previous corresponding period. The department, which is on a drive to meet the tax collection target, has already urged corporate and personal assessees to pay up dues or face punitive action.
In the RE of Budget 2013-14, the government lowered its corporate tax collection target but raised personal income tax target with the result of net direct tax