Direct tax collection exceeds target in FY19, pegged at Rs 13.80 lakh cr in FY20; mop-up from customs crosses target

New Delhi: Direct tax collection for current fiscal exceeded the budgeted target by Rs 50,000 crore to Rs 12 lakh crore, while FY20 fiscal the mop-up has been pegged at Rs 13.80 lakh crore. The government had originally budgeted to collect Rs 11.50 lakh crore in current financial year from direct taxes, which include corporate tax and personal income tax (PIT). [caption id=“attachment_4347785” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] As per the 2019-20 Budget estimates, out of the Rs 13.80 lakh crore direct taxes, the government aims to raise Rs 7.60 lakh crore from corporate tax and Rs 6.20 lakh crore from PIT. This is higher than Rs 6.71 lakh crore estimated to be collected from corporate tax and Rs 5.29 lakh crore from PIT in the current fiscal ending March 2019. On the indirect tax front, customs collection in the current fiscal too surpassed the budgeted estimate of Rs 1.12 lakh crore to touch Rs 1.30 lakh crore. In 2019-20, mop-up from customs are expected to be higher at Rs 1.45 lakh crore. Excise duty collections in 2019-20 is budgeted at similar levels for 2018-19 at Rs 2.59 lakh crore. GST collections, however, is expected to rise to Rs 7.61 lakh crore in next fiscal. In the current fiscal, GST collections is pegged at Rs 6.43 lakh crore , which is lower than the targeted Rs 7.43 lakh crore. Income tax calculator Click here for full coverage of Union Budget 2018     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.