Date:25/06/2008 URL: http://www.thehindubusinessline.com/2008/06/25/stories/2008062551681000.htm

Back Direct tax collection target raised to Rs 3.9 lakh cr

Our Bureau

New Delhi, June 24 The Central Board of Direct Taxes (CBDT) has revised upwards the direct tax collection target for 2008-09 to Rs 3,95,000 crore. This represents a near 26 per cent increase over the collections of Rs 3,14,468 crore achieved in 2007-08.

The upward revision represents a 8.2-per cent increase over the earlier specified budget estimate of Rs 3,65,000 crore for 2008-09. This move follows the Finance Minister, Mr P. Chidambaram’s recent advice to CBDT to raise budget estimates in the wake of buoyancy in direct tax revenues.

The Centre’s direct tax revenues have been buoyant, with collections having tripled over the last four financial years. The upward revision in the budget estimates for 2008-09 comes on the back of record direct tax collections in 2007-08, which saw an increase of 36.6 per cent.