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GST: Net direct tax collection crosses Rs 10-lakh cr mark - GST Station

GST: Net direct tax collection crosses Rs 10-lakh cr mark

GST: Net direct tax collection crosses Rs 10-lakh cr mark

    The net direct tax collection figure has crossed the ₹10-lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said.

    The entire advance tax data from across the country has not come yet, the sources said.

    However, the preliminary assessment indicates that the net direct tax collection has crossed ₹10 lakh crore, they said.

    The net direct tax collection during April-January of this fiscal stood at ₹7.89 lakh crore as against ₹12 lakh crore targeted for the entire fiscal of 2018-19.

    Earlier estimate

    The government had earlier estimated the mop-up from direct tax collection at ₹11.5 lakh crore, which was revised upwards by ₹50,000 crore in the interim Budget for 2019-20. The government has been putting on a brave face on meeting the direct tax collection target.

    “On direct taxes, we are reasonably confident of (meeting the target). But on the indirect tax front, there may be some shortfall,” Economic Affairs Secretary Subhash Chandra Garg said last week.

    Customs collection

    The government in the interim Budget revised customs collection target from ₹1.12 lakh crore to ₹1.30 lakh crore. The GST collection is pegged at ₹6.43 lakh crore for 2018-19, which is lower than the targeted ₹7.43 lakh crore.

    However, the GST collection is expected to rise to ₹7.61 lakh crore in the next fiscal.

    Source- Business Line.

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