Govt collects Rs 7.52 lakh cr direct tax in April-January; revised estimate pegs revenue receipts at Rs 18.50 lakh cr for this fiscal

The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on 31 March, at Rs 11.70 lakh crore.

Press Trust of India March 03, 2020 19:27:46 IST
Govt collects Rs 7.52 lakh cr direct tax in April-January; revised estimate pegs revenue receipts at Rs 18.50 lakh cr for this fiscal
  • The total amount collected under direct tax collection, as on 31 January 2020 is Rs 7,52,472 crore, Minister of State for Finance Anurag Thakur informed Parliament

  • He said the last advance tax instalment is due in March 2020, and hence it is a little premature to predict the final collection of direct taxes for the current year

  • The fiscal deficit estimated for the current fiscal has been revised upwards to 3.8% of GDP, from the budgeted 3.3%

New Delhi: The government has collected over Rs 7.52 lakh crore as direct taxes till 31 January of the current fiscal, Parliament was informed on Tuesday.

The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on 31 March, at Rs 11.70 lakh crore.

Govt collects Rs 752 lakh cr direct tax in AprilJanuary revised estimate pegs revenue receipts at Rs 1850 lakh cr for this fiscal

Representational image. Reuters.

"The total amount collected under direct tax collection, as on 31 January 2020 is Rs 7,52,472 crore," Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha. Direct Tax includes corporate and income tax.

He said the last advance tax instalment is due in March 2020, and hence it is a little premature to predict the final collection of direct taxes for the current year at this stage.

In a separate reply, Thakur said RE for current fiscal has projected revenue receipts at Rs 18.50 lakh crore, lower than Rs 19.62 lakh crore projected in the Budget.

"Lower estimated RE 2019-20 in respect of corporation tax, taxes on income, customs duty , excise duty annd Goods and Services Tax (GST) have resulted in the revenue receipts being lower than the budget targets," Thakur said.

The fiscal deficit estimated for the current fiscal has been revised upwards to 3.8 percent of GDP, from the budgeted 3.3 percent.

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