Direct tax collections target revised to 3,95,000 cr
June, 19th 2008
A day after coming out with a whopping 71 per cent growth in direct tax collections for the first two months of this fiscal, the CBDT on Thursday said budget estimates under this head has been revised up by about Rs 30,000 crore to Rs 3,95,000 crore for 2008-09.
"We are hopeful of achieving this higher figure too.
Yesterday, we have reported a robust growth of around 71 per cent (for direct tax collections)," Central Board of Direct Taxes (CBDT) Chairman R S Mathoda said in New Delhi.
The original Budget estimates for direct tax collections stood at about Rs 3,65,000 crore.
The revised figures were over 25 per cent higher than the direct tax collections of about Rs 3,14,000 crore last fiscal.
Upbeat over 36 per cent growth in direct tax collections last fiscal, Finance Minister P Chidambaram had earlier this month asked the CBDT to revise upwards the budget estimates under this head for the current fiscal.
"The estimate will no longer be Rs 3,65,000 crore. The CBDT will meet and increase the estimate upwards," Chidambaram had said.
"Even if you take a 25 per cent increase over last year's collection of over Rs 3,14,468 crore, the budget estimates must be revised upward very sharply," he had said.
The government has collected a whopping 71.28 per cent higher revenues at Rs 22,840 crore from direct taxes despite larger tax refunds for the first two months of this fiscal.
The direct tax collections have seen a hefty increase from Rs 13,335 crore in the same period a year ago.
While corporate tax collections are up by 68 per cent to Rs 8,126 crore, personal income tax grew by 73 per cent to Rs 14,960 crore, an official statement had said on Thursday.