New Delhi, Jan 24 (PTI) Tax collections during thecurrent fiscal are likely to exceed the budgetary target byabout Rs 37,000 crore, at Rs 7.82 lakh crore, in light ofrobust growth of the economy.
"The Budget target of tax revenue has been revised upwardto Rs 7.82 lakh crore from Rs 7.45 lakh crore for the currentfiscal," Revenue Secretary Sunil Mitra told reporters heretoday.
While the target for direct tax collection has beenraised from Rs 4.30 lakh crore to Rs 4.46 lakh crore, theindirect tax collection estimate has been hiked from Rs 3.15lakh crore to Rs 3.36 lakh crore, he added.
The upward revision in the tax collection target comes inthe wake of 8.9 per cent economic growth during the first halfof the current fiscal. According to estimates, the economy islikely to expand by about 9 per cent during the currentfiscal, as against 7.4 per cent a year ago.
The buoyancy in the indirect tax collection during thecurrent fiscal can also be attributed to partial withdrawal ofeconomic stimulus measures in last year''s Budget.
In his 2010-11 Budget, Finance Minister Pranab Mukherjeeraised excise duty by 2 per cent to 10 per cent as part of aplan to gradually withdraw the incentives given to industry tocombat the impact of the global financial meltdown.
While direct taxes include income tax and corporationtax, the indirect taxes levied by the government are excise,customs and service tax.