Direct tax collections grow 5.67% in Apr-Nov period
The government's direct tax collections during April-November of this fiscal rose 5.67 per cent to Rs 3.29 lakh crore over the same period a year ago.
While the indirect tax collections during the period stood at over Rs 3.28 lakh crore, up 7.1 per cent from a year ago, Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha. The cumulative tax collections between April-November period of the current fiscal stands at Rs 6.58 lakh crore.
In the current fiscal, the government has budgeted to collect over Rs 13.6 lakh crore as tax revenue, which requires a 16 per cent growth in direct taxes and 20 per cent growth in indirect taxes to meet the target. For direct taxes, the revenue mop up is targeted at Rs 7.36 lakh crore while for indirect taxes it is Rs 6.24 lakh crore.
Sinha said the actual tax mobilisation through direct and indirect taxes in the current financial year would depend on factors such as growth in GDP and performance of the economy in the remaining part of the current fiscal.