CBDT asks officers to step up tax collection
The Central Board of Direct Taxes (CBDT) has set higher targets for tax collection. Faced with a daunting target of Rs. 10.05 lakh crore in tax collection, the CBDT has asked its field officers to step up efforts and put more focus on zones which have better performance in terms of tax collection. Here's more on this.
Tax collection targets have a chance of being met
"We are looking at better advance tax collection for January-March quarter. If the trend of October-December quarter continues, we will be able to achieve the landmark Rs 10 lakh crore target," said an official who didn't want to be named.
Taxes collected amount to 70% of the target
In this year's budget, the government hiked direct taxes including personal income tax and corporate taxes. Initially budgeted at Rs. 9.80 lakh crore, the target for tax collection was subsequently increased to Rs. 10.05 lakh crore. Between April and January, the government collected Rs. 6.92 lakh crore from direct taxes - 69.2% of the revised estimate of Rs 10.05 lakh crore for 2017-18 fiscal.
Deloitte Senior Director says target is achievable
"It is quite regular that in the last quarter, refunds are issued quite sluggishly. All these would contribute to augmenting the tax collections and so, there is a good chance that even higher revenue target would be achieved," said Deloitte India Senior Director Sanjay Kumar.
How the CBDT plans to step up collection
To increase tax collections, the CBDT has asked tax officials to ensure that Tax Deducted at Source (TDS) are duly deposited to the central exchequer. They have also been asked to follow up on arrears. The CBDT is also trying to step up tax collection by following up on entities which pay taxes based on self-assessment instead of expanding the tax net.
