Will exceed tax collection target this year, says CBDT chairman


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New Delhi: The government will exceed its direct tax collection target of 18.23 trillion this fiscal, going by the healthy revenue growth so far, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said on Wednesday.

Gupta also said that during state and national polls, the tax authority maintains intense surveillance on unexplained cash and jewellery, and takes action in coordination with the union and state election authorities.

Gupta said the union government’s direct-tax collection is growing at 21-22% on a net basis after refunds, and 17-18% on a gross basis. “Revenue collections are healthy and [the] refund quantum is also good,” Gupta said, adding that revenue collections are in line with the strong economic growth. “We will exceed the budget target,” he said. Gupta also said the trend will become clearer after the third advance-tax instalment comes on 15 December.

He added that the department would increase its use of technology in tax administration. The tax department has over the years stepped up its information-gathering on financial transactions, widened the scope of taxes deducted at source, and revamped its information-technology infrastructure to make tax administration more efficient. Gupta also said tax-return filing was growing and that the department had reported over five million first-time filers this year.

The government has so far collected 12.37 trillion in direct taxes, before adjusting for refunds, representing growth of 17.59% over the same time a year ago, CBDT said last week. This was 58% of the full-year target for direct-tax collections.

“Whenever elections take place, we create special cells and do round-the-clock surveillance on unexplained cash. Each district and international borders are covered. The entire activity is coordinated at the level of the Election Commission and state election authorities,” Gupta said.

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Updated: 15 Nov 2023, 07:57 PM IST



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