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Total collection from direct taxes stood at ₹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 ₹5.47 lakh crore as on February 13, 2016. This amount is 68.7 per cent of the target of ₹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 Centre anticipates a shortfall of about ₹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, ₹7.96 lakh crore was estimated to come from direct taxes (corporate and income tax) and another ₹6.5 lakh crore from indirect taxes (customs, excise and service tax).
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