Shortfall of Rs 40,000 crore in direct tax collection this fiscal: Revenue Secretary
New Delhi: Government is likely to face a shortfall of Rs 30,000-40,000 crore in direct tax collection this fiscal as the mop-up in first eight months has been just 46.26 per cent of the budgeted target.
During April-November, direct taxes which include income tax and corporate tax, grew 12.63 per cent to Rs 3.69 lakh crore. This is 46.26 per cent of the budgeted target of Rs 7.97 lakh crore, Revenue Secretary Hasmukh Adhia told reporters.
He said the direct tax collection could fall short of budget target by Rs 30,000-40,000 crore, a shade lower than the revenue department's Rs 50,000 crore estimate made in October. "We are optimistic... Advance tax numbers are expected in December... There could be a marginal shortfall in direct taxes to the tune of Rs 30,000-40,000 crore," Adhia said.
However, the indirect tax collection between April- November have been robust with a growth of 34.3 per cent to Rs 4.38 lakh crore. "I am hopeful that we will not only meet the indirect tax collection target, but also exceed it and make good the shortfall in direct taxes as well," Adhia said.
PAN will also be made mandatory for opening all bank accounts except under Pradhan Mantri Jan Dhan Yojana, the Revenue Secretary added.
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