New Delhi, Nov 17 Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal on Monday expressed hope to meet the income tax collection target of Rs 25.20 lakh crore by the end of the current financial year (FY26).
Speaking on the sidelines of the India International Trade Fair (IITF) here, Agarwal stated direct tax mop-up is growing at 6.99 per cent as compared to last year, which is an encouraging trend.
"And we're hoping that we can reach the goals by the end of the year. The response from taxpayers has also been good," he added.
Due to slower refunds and increased corporate tax mop-up, net direct tax collection increased 6.99 per cent from April 1 to November 10 of this fiscal year to over Rs 12.92 lakh crore.
Up until November 10, refunds fell 18 per cent to more than Rs 2.42 lakh crore.
He added that the deadline for submitting audit returns for the 2024–2025 fiscal year has been extended and that there are still two advance tax instalments due for the current fiscal year. The CBDT chief stated that by December 10, we could be able to catch up.
Earlier CBDT data showed that India's net direct tax collection recorded 9.18 per cent growth to cross Rs 10.82 lakh crore till September 17 this fiscal compared to the same period of the previous financial year, as there was a sharp decline of 23.87 per cent in refunds.
Of the total amount, non-corporate tax revenue grew by 13.67 per cent to Rs 5.83 lakh crore during the period. The tax is paid by a specific set of entities that are not registered as companies under the Companies Act.
Net corporate tax collections grew by 4.93 per cent to Rs 4.72 lakh crore, while securities transactions tax (STT) increased marginally by 0.57 per cent to Rs 26,305.72 crore, according to the official figures. Gross direct tax collections increased by 3.39 per cent to Rs 12.43 lakh crore, while refunds dipped by 23.87 per cent to Rs 1.60 lakh crore.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor