Tax collections reach 72 pc of target at Rs 5.74 lakh crore

The Income Tax Department has mopped up Rs 5.74 lakh crore as direct taxes so far this fiscal, achieving over 72 per cent of its target of Rs 7.96 lakh crore for 2015-16, and is hopeful of garnering the targeted amount, a top official said today.

"We at the I-T Department have already collected revenue to the tune of Rs 5.74 lakh crore from across the country as on February 15, which is 72-73 per cent of the projected target of Rs 7.96 lakh crore.

"We are hopeful of meeting the target by March," Central Board of Direct Taxes (CBDT) Member Surabhi Sinha told reporters on the sidelines of the ongoing 'Make In India' week here.

Sinha, who looks after personnel and vigilance at CBDT, said it was difficult to ascertain the impact of the proposed reduction in corporate tax on collections.

Finance Minister Arun Jaitley in the Budget had said the rates for corporate tax would be brought down to 25 per cent from 30 per cent over a period of four years, starting 2016-17.

Principal Chief Commissioner of Income Tax and head of Mumbai region of I-T department, D S Saksena, said Mumbai region has also collected tax in the range of 72-73 per cent so far, and was on course to meet its full fiscal target of Rs 2.56 lakh crore.