Odisha News Insight

Direct tax collections up by 5.7%

direct taxThe Minister of State for Finance Jayant Sinha informed to Rajya Sabha in a written reply that said the both direct and indirect tax collections were increased.

The minister in his reply mentioned that the direct tax collection was up by 5.7 per cent to Rs.3.29 lakh crore during April-November in the current fiscal.

The indirect tax collection was up by 7.5 per cent to Rs.3.28 lakh crore from a year ago. Cumulative tax collections between April-November stands at Rs.6.58lakh crore.

In order the meet the target of tax collection to the tune of over Rs.13.6 lakh crore, that required a growth of 16 per cent and 20 per cent in direct tax and indirect tax respectively.

The revenue mop up for direct tax is targeted at Rs.7.4 lakh-crore and for Rs.6.2 lakh-crore for indirect tax.

Sinha said that the economic growth was at 5.5 per cent during April-September of the current fiscal year.

The actual tax mobilisation through direct tax and indirect taxes would depend on the growth rate of GDP and performance of Indian economy in the remaining part of the current fiscal year, he added.

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