New Delhi : The income tax collections during the 2017-18 fiscal has exceeded the Budget target at Rs 9.95 lakh crore, helped by addition of one crore new assessees who have started filing income tax returns. However, the government has missed its ambitious target of Rs 10.05 lakh crore as per the revised estimates set in the Budget for 2018-19.
CBDT Chairman Sushil Chandra said that as per data collected so far, tax collections for 2017-18 is Rs 9.95 lakh crore, which is 17.1 per cent higher than net collection of 2016-17. The Budget estimate for the 2017-18 fiscal was Rs 9.80 lakh crore. “We have already crossed the BE and we are in process of getting the Revised estimates because these are provisional figures as of today and more collections are likely to come,” he said.
Finance Secretary Hasmukh Adhia said, “We should always try to be more aggressive when it comes to targets”. “I hope this Rs 9.95 lakh crore will reach up to more than Rs 10 lakh crore. At least next 3-4 days, we will get adjustment of Rs 5,000 crore. It will be a landmark if we achieve Rs 10 lakh figure in current year,” said Adhia.