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Direct Tax collection for last fiscal almost achieved: Officials

April, 02nd 2014
The government has "almost achieved" the direct tax collection target of Rs 6.36 lakh crore for the last financial year, officials said here today. The Central Board of Direct Taxes (CBDT) has been able to mop up revenue from different heads of taxes and as of March 31 (closing time for 2013-14 fiscal), only a fraction of amount close to Rs 13,000 crore is remaining, according to officials involved in the tax collection task. CBDT and the Income Tax Department will shore up the remaining revenue as payment from a top bank of about Rs 8,000 crore will be collected and some revenue will be got through other sources, they said. "The department is very hopeful of meeting the target and the collections as of date show that 99 per cent of the target will be collected. The collections till now have almost achieved the target," a senior I-T department official said, adding that final figures are being compiled. The direct tax collection target for the last fiscal was Rs 6.36 lakh crore. CBDT had on March 24 had expressed its optimism in achieving the direct taxes collection target. As on March 22, the I-T Department had collected Rs 5.82 lakh crore, which is 13.6 per cent higher than the last year's collection in the corresponding period. CBDT had taken a number of steps "to galvanise the entire department" so that the target is met, officials said. According to official data, as of March 22, the I-T Department needed to further achieve a net collection of Rs 45,800 crore before the fiscal closed on March 31. CBDT chairperson R K Tewari had said that the overall advance tax collection as on March 22 grew by 8.7 per cent to Rs 2,90,323 crore. Advance tax collection in the corresponding period last year had stood at Rs 2,66,192 crore, according to him. Corporate advance tax collection as on March 22 grew by 10.8 per cent in 2013-14 to Rs 2,44,396 crore. Personal advance tax grew by 11.2 per cent to Rs 45,927 crore. In order to shore up the revnue, the apex body of the I-T Department (CBDT), had also issued orders to keep I-T offices kept open on March 29 (Saturday), 30 (Sunday) and 31 (Monday).