CBDT Urges Targets Can Be Exceeded

New Delhi: The first quarter gross domestic product (GDP) growth of 9.3 per cent this fiscal portends well for the Income-Tax Department, which is confident of not only attaining budget estimates on direct taxes for 2007-08, but also exceeding it. For fiscal 2007-08, the Centre has budgeted direct tax collection at Rs 2,67,490 crore. This represents a 27 per cent rise over the budget estimate of Rs 2,10,419 crore set for 2006-07. The actual direct tax collections in 2006-07 were Rs 2,29,181 crore. In the current fiscal, the Centre''s net direct tax collections till August 15 grew 44.39 per cent to Rs 59,210 crore, significantly higher than Rs 41,006 crore registered during the same period last year.