The Mumbai Income-tax zone, which contributes a third of the nationwide direct tax collection, has missed the revenue mop-up target for FY17 by a whisker, a department official has said. 4 Indian Cities Among Cheapest Globally
"The Mumbai zone has missed the target of Rs 2.79 trillion (Rs 2.79 lakh crore) for fiscal 2017 by a wafer-thin margin," an official of the income tax department told Press Trust of India. However, the official didn't give the exact amount which has been collected from the financial capital.
Citing the reason for missing the mark, the official said, "We have given refunds by over 30 per cent when compared to the previous year, and it was one of the major reasons for marginally missing the target."
The Mumbai zone had achieved the revenue collection of Rs 2.48 lakh crore in the previous fiscal year.
At the national level, direct tax collections in 2016- 17 stood at Rs 8.47 lakh crore, up 14.2 per cent over the last fiscal year. The department was able to meet the target for the fiscal year 2017 whereas it had missed the mark for pan-India in the previous financial year.
Meanwhile, Bengaluru topped the chart in the collection of direct taxes among all the metros for the year, while the national capital saw a marginal growth. In percentage terms, Bengaluru upped the chart with a 21 per cent growth at Rs 90,000 crore, whereas New Delhi's collections inched up 5 per cent to Rs 1.1 lakh crore.
In contrast, the Chennai zone grew 18 per cent at Rs 60,000 crore and Kolkata by 15 per cent at Rs 36,500 crore, the official added.