Direct Taxes to touch Rs 3 lakh cr

November 24, 2007

Riding on the back of booming economy and increased tax compliance, the government expects the direct tax collection to surpass budget target to touch Rs 3 lakh crore during the current fiscal.

“The direct tax collection figures can touch Rs 3,00,000 crore this fiscal, if the current growth momentum is maintained,” Central Board of Direct Taxes Member R S Mathoda said at Geneva Group International world conference here. As per the budget target the direct tax collection is pegged at Rs 2,67,490 crore for this financial year, he said.

As on November 15, the government kitty swelled by 42.9 per cent at Rs 1,40,373 crore against Rs 98,216 crore in the corresponding period last year.

With this, net direct tax collections till November 15 stood at 52 per cent of the budgeted target of Rs 2,67,490 crore for this fiscal.