Raising hopes of exceeding budget targets for 2003-04, direct tax collections surged by 22.8 per cent to Rs 66,761 crore (Rs 667.6 1billion) till January 15.
"Going by the current trend, particularly in corporate tax, the government is expected to exceed the Budget target by Rs 6,000 crore (Rs 60 billion)," revenue secretary Vineeta Rai said in New Delhi on Wednesday on the sidelines of the launch of Tax Information Network.
The target for the entire fiscal is at Rs 95,569 crore (Rs 955.69 billion).
She said the Corporate Tax collections grew by a whopping 33 per cent to Rs 38,869 crore (Rs 388.69 billion) till January 15, while Income-Tax was up by 11.1 per cent at Rs 27,892 crore (Rs 278.92 billion).
Total direct tax mop up was at Rs 66,761 crore (Rs 667.61 billion), which was 22.8 per cent higher than the collections a year ago, Central Board of Direct Taxes chairman P L Singh said.
Government targets to raise Rs 51,499 crore (Rs 514.99 billion) in corporate tax and another Rs 44,070 crore (Rs 440.7 billion) in Income-Taxes this fiscal.
Rai said the high growth in direct tax was despite the hefty refund of Rs 23,723 crore (Rs 237.23 billion), which was 27 per cent higher than last fiscal's Rs 17,207 crore (Rs 172.07 billion).
Corporate tax was expected to exceed the target by Rs 10,000 crore (Rs 100 billion), but there would be a shortfall of Rs 4,000 crore (Rs 40 billion) in the Income-Tax front during this fiscal.
Indirect tax collections on the other hand was at Rs 99,380 crore (Rs 993.8 billion) till December, which was 9.28 per cent higher than previous fiscal.
While excise collections were at Rs 63,146 crore (Rs 631.46 billion), customs were at Rs 36,235 crore (Rs 362.35 billion), Central Board of Excise and Customs chairman A K Singh said.
Service tax collection amounted to Rs 6,000 crore (Rs 60 billion) till December, he added.
