Tax collections grew by 18 per cent at Rs 2,52,162 crore (Rs 2,521.62 billion), crossing the Budget target and pushing up the tax-GDP ratio to 9.1 per cent, during 2003-04.
While direct tax collections surged by 27 per cent and for the first time crossed Rs 1,00,000 crore (Rs 1,000 billion), indirect tax mop-up was higher by 12.3 per cent at Rs 1,47,48 crore (Rs 1,47.48 billion) in 2003-04, according to provisional figures till April 17.
"Notwithstanding the benefits given to industry, we have achieved higher collection in taxes," finance secretary D C Gupta told reporters.
The revenue collection has crossed the Budget target after a gap of four years. The Centre had earlier collected more revenue than it targeted in 1994-95, 1995-96 and 1999-2000.
This is also for the first time in recent years that the Centre is slated to attain the estimated figure, which has been revised upwards.
The overall revenue collection, which was 0.4 per cent lower than the revised estimate of Rs 2,52,900 crore (Rs 2,529 billion), is expected to be breached, as the government expects Rs 1,000 crore (Rs 10 billion) from tax deducted at source and another Rs 500 crore (Rs 5 billion) from indirect taxes in the coming days, revenue secretary Vineeta Rai said.