Total collection from direct taxes stood at Rs. 5.47 lakh crore as on February 13, which is 68.7 per cent of the budget target for the fiscal. “Net (direct tax) collection was Rs. 5.47 lakh crore as on February 13, 2016. This amount is 68.7 per cent of the target of Rs. 7.96 lakh crore,” Central Board of Direct Taxes (CBDT) member Surabhi Sinha has said.
Direct taxes include personal income tax and corporate taxes. The government anticipates a shortfall of about Rs.40,000 crore from direct tax collection in the current fiscal. However, the shortfall would be made good as the indirect tax revenues are likely to overshoot budget targets by a similar margin.
Of the Rs. 14.5 lakh crore tax revenue target, Rs. 7.96 lakh crore was estimated to come from direct taxes (corporate and income tax) and another Rs. 6.5 lakh crore from indirect taxes (customs, excise and service tax).