Industry & Economy
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Taxation
Direct taxes: CBDT says targets can be surpassed
K.R. Srivats
New Delhi, Sept. 3 The first quarter gross domestic product (GDP) growth of 9.3 per cent this fiscal portends well for the Income-Tax Department, which is confident of not only achieving budget estimates on direct taxes for 2007-08, but also surpassing it.
“If the first quarter GDP performance (9.3 per cent) is any indication, we should be able to not only achieve budget estimates, but also collect beyond it,” Mr B.M. Singh, Chairman, Central Board of Direct Taxes, told Business Line on the sidelines of PHDCCI’s international tax conference here.
For fiscal 2007-08, the Centre has budgeted direct tax collection at Rs 2,67,490 crore. This represents a 27 per cent increase over the budget estimate of Rs 2,10,419 crore set for 2006-07. The actual direct tax collections in 2006-07 were Rs 2,29,181 crore.
In the current fiscal, the Centre’s net direct tax collections till August 15 grew 44.39 per cent to Rs 59,210 crore, significantly higher than Rs 41,006 crore recorded during the same period last year.
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