Direct tax kitty to cross target, says CBDT chief

Tribune News Service

New Delhi, November 15

The direct tax collection target of Rs 18.23 lakh crore for the current fiscal is likely to be exceeded, said CBDT chairman Nitin Gupta here on Wednesday.

“We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15,” Gupta said after inaugurating the taxpayers’ lounge at the India International Trade Fair (IITF).

The latest trend released a few days ago showed net direct tax collection between April 1 and November 9 at Rs 10.60 lakh crore, which was 22% higher than the same period a year ago. The Budgetary expectation for the full fiscal was 9.75% higher than the Rs 16.61 lakh crore collected in the 2022-23 fiscal.

“On a gross basis, the direct tax collection has been growing at 17-18%, while on a net basis, we are growing at 22%. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates,” the CBDT chief observed.

The official also said the Income Tax Department has seized more unexplained cash in the five states going to the polls as compared to previous polls but gave no figures. The agencies have been providing toll-free numbers for tipoffs besides carrying out intense surveillance.