Policy

CBDT pushes taxmen to meet mop-up targets

Press Trust of India New Delhi | Updated on January 16, 2018 Published on October 31, 2016

rani-singh-nair   -  PTI

Regional chiefs asked to monitor collection efforts

The CBDT has asked taxmen to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show a shortfall of an estimated over ₹14,000 crore.

In a letter written to all the field formations of the Income-Tax department, Central Board of Direct Taxes Chairperson Rani Singh Nair has asked regional chiefs to “personally monitor budget collection” work especially in the area of corporate tax and personal income tax.

“The Budget collection figures as on September 30, 2016 show growth in net collection of direct taxes of just 8.95 per cent as against the targeted growth of 14.1 per cent for the current fiscal year.

“This gap of about 5 percentage points between the current growth rate and the targeted growth rate for the year has resulted in an asking growth rate for the next six months to the tune of almost 19 per cent which will have to be reached in order to achieve the revenue targets,” the CBDT boss said in her recent letter to I-T regional chiefs.

Direct tax collections till September grew about 9 per cent to ₹3.27 lakh crore even as the government is eyeing and has given a target of ₹8.47 lakh crore direct tax collection this fiscal to the tax department. She said while collection of personal income tax is showing growth of 19.59 per cent up to the second quarter (till September this year) as against the asking rate of 22.93 per cent, this indicated a “shortfall of ₹3,871 crore” under this category.

“The advance tax collection of personal income tax shows a figure of ₹1,38,360 crore as against the collection of ₹1,15,699 crore up to the second quarter of last financial year,” the Chairperson said adding the current figures of personal income tax are “partly due to advancing of one instalment of advance tax and the TDS collections on account of 7th Pay Commission” remittances.

Therefore, she wrote, the advance tax collection figures of corporate tax up to the second quarter of the current financial year show collection of ₹1,85,375 crore as compared to ₹1,80,746 crore collected up to second quarter during last financial year (2015-16).

“This indicated a growth of 2.56 per cent only as against the asking rate of 8.62 per cent, indicating a shortfall of ₹10,954 crore in corporate tax,” she said.



Published on October 31, 2016
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