Direct tax mop-up to be close to target: FinMin

The government informed the Rajya Sabha on Tuesday that direct tax collection during the just concluded fiscal has exceed the budget estimate and will be very close to the revised estimate of Rs 3.87 lakh crore (Rs 3.87 trillion).

"The direct tax collection has already exceed the budget target and will be reaching near the revised estimate when the final figures are compiled," minister of state for finance SS Palanimanickam said in a written reply.

The government had set the direct tax collection target of Rs 3.70 lakh crore (Rs 3.7 trillion) in the budget for 2009-10, which was later revised upwards to Rs 3.87 lakh crore (Rs 3.87 trillion).

As per the provisional figures, he said, the actual collection of direct taxes during the year was 3.75 lakh crore (Rs 3.75 trillion).

This would be revised upwards once the final figures are received, he added. The minister further said while corporate tax collection at Rs 2.43 lakh crore (Rs 2.43 trillion) was short of the budget estimate of Rs 2.56 lakh crore (Rs 2.56 trillion), the buoyancy was witnessed in case of other taxes which include income tax and securities transaction tax.

Collection of income tax, securities transaction tax etc, during 2009-10 at Rs 1.31 lakh crore (Rs 1.31 trillion) was more than the budget estimate of Rs 1.12 lakh crore (Rs 1.12 trillion).