According to the latest government data, income tax collections crossed the milestone of Rs 10 lakh crore as of 16 March (2019), buoyed by increased payments of the final tax instalments for the current fiscal year (FY19), reports The Hindu BusinessLine (BL).
It should be noted that this figure is tentative as the entire advance tax data from across the country is yet to come in. While the net direct tax collections during the April-January period stood at Rs 7.89 lakh crore, the preliminary assessment until mid-March has crossed Rs 10 lakh crore.
The target for direct tax collections for the current financial year has been set at Rs 12 lakh crore. This target is higher than the earlier estimates of Rs 11.5 lakh crore, which was revised upwards by Rs 50,000 crore in the interim Budget for 2019-20.
“On direct taxes, we are reasonably confident of (meeting the target). But on the indirect tax front, there may be some shortfall,” Economic Affairs Secretary Subhash Chandra Garg had earlier stated.
Greater Direct Tax Collections
Under the NDA government, direct tax collections have shown an increasing trend. In the interim budget, the then Finance Minister, Piyush Goyal, stated that India’s tax base, which indicates the total number of taxpayers, has more than doubled, from 3.79 crore to 6.85 crore in the last few years. Also, India’s tax-to-GDP ratio stood at 5.98 per cent in the previous financial year (FY18), the best such performance in a decade.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.