Technoglitch
Core Member
Weeks before it presents Budget for the next fiscal, the government on Wednesday said it will achieve the tax revenue target for the current year with larger-than- budgeted indirect tax collections making up for a possible shortfall in direct taxes. After two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met. "We are likely to exceed the collection in Indirect Tax by about Rs 40,000 crore in the current year.
On the whole, we are optimistic of close to 100 percent achievement of overall tax revenue target of the year," Revenue Secretary Hasmukh Adhia tweeted. Of the Rs 14.49 lakh crore tax revenue target, Rs 7.97 lakh crore was estimated to come from direct taxes (corporate and income tax) and another Rs 6.47 lakh crore from indirect taxes (customs, excise and service tax). He said the tax collections between April-January show an increase of 33 percent in Indirect Tax and 10.9 percent in Direct Tax.
Government to meet FY16 tax revenue target: Hasmukh Adhia - Moneycontrol.com
On the whole, we are optimistic of close to 100 percent achievement of overall tax revenue target of the year," Revenue Secretary Hasmukh Adhia tweeted. Of the Rs 14.49 lakh crore tax revenue target, Rs 7.97 lakh crore was estimated to come from direct taxes (corporate and income tax) and another Rs 6.47 lakh crore from indirect taxes (customs, excise and service tax). He said the tax collections between April-January show an increase of 33 percent in Indirect Tax and 10.9 percent in Direct Tax.
Government to meet FY16 tax revenue target: Hasmukh Adhia - Moneycontrol.com
