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Journalism of Courage
The finance ministry today said that the total tax collections for FY11,from both direct and indirect taxes,have exceeded even the revised estimate.
In the Budget 2010-11,the government had projected direct tax collection of Rs 4,30,000 crore and Rs 3,15,000 crore for indirect tax collection.
However,on the back of strong economic activities,the finance ministry revised the direct tax collection target to Rs 4,46,000 crore while indirect tax collection to Rs 3,34,000 crore.
In fact,even with the cash outgo of Rs 72,000 crore in form of refunds,the direct tax collection remains the highest in any financial year.
I am reasonably sure that we will cross Rs 4.50 lakh crore in direct taxes 8230; I am reasonably confident that it indirect tax will be around Rs 3.43-3.44 lakh crore, revenue secretary Sunil Mitra said. He added that the ministry has already raked in Rs 3.40 lakh crore as indirect tax in 2010-11.
The Centre had revised the tax collection targets after it was estimated that the GDP would grow at 8.6 per cent for 2010-11.
