New Delhi: Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said that the direct tax collection in the current fiscal may exceed the budget target. The revenue from direct tax will surge by 30% this fiscal. The budget target is Rs 14.20 lakh crore. A 25-30 per cent growth in tax collection would take the net direct tax mop-up for current fiscal at Rs 17.75-Rs 18.46 lakh crore.
Gupta further said that the Budget target for the next fiscal (2023-24) is also likely to be higher. ‘For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we would be giving good collection to government,’ said Gupta.
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The gross direct tax collections between April 1-November 10 stood at Rs 10.54 lakh crore, registering a growth of 31%. Net collections, after adjusting refunds, stood at Rs 8.71 lakh crore, which is 61.31% of the Budget estimates (BE) for the full year tax collection target.
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