CBDT lays out revised region-wise direct tax collection target

The Central Board of Direct Taxes (CBDT) on August 5 laid out the target for achieving the government's revised direct tax collection of Rs 13.35 lakh crore.

In a letter to all principal commissioners, the CBDT laid out targets for each of its regions, with the Mumbai region expected to contribute Rs 4.29 lakh crore, the highest, followed by Delhi at nearly Rs 1.93 lakh crore.

Mumbai is also expected to contribute all of the Rs 12,800 crore expected via securities transaction tax.

The Interim Budget, presented in February 2019, laid out a direct tax collection target of Rs 13.8 lakh crore, which was lowered to Rs 13.35 lakh crore in the final Budget presented in July.

The revised figure represents a tax growth target of 17.41 percent -- which CBDT Chairman Pramod Chandra Mody dubbed as difficult but achievable -- lower than the 21.3 percent targetted by the February 2019.

During the last fiscal, the tax department had a target of Rs 12 lakh crore.

"Tax collection depends on the state of the economy," a senior tax official told Moneycontrol. "If the economy is booming, tax collections rise. However, economic conditions are adverse." #casansaar (Source - PTI, MoneyControl)