The full-year target of the Income tax dept is expected to be met as it gears and in line with it direct tax collection for the April-February has been higher by appx 20%.
As per the official data released on Thursday the direct tax kitty has swelled to Rs. 7.44 lakh crore. Of the broader direct tax collection category, personal income tax collection expanded by 18.6% while net corporate income tax receipts grew by 19.7%.
In the release, finance ministry said that during the period refund of as much as Rs. 1.39 lakh crore has been released by the dept.
However, the steady receipt has failed to match the revised estimate of Rs. 10.05 lakh crore.
Expecting an increase in the collection of corporation tax, the revised estimate is higher by Rs. 25000 crore as per the Union Budget 2018-19.
For the financial year 2018-19, the budget estimate has been pegged at Rs. 9.8 lakh crore.
The tax officials in view of the advance tax as well as taxfiling deadline which is due this month are confident of meeting the target.