CBDT hopes to beat tax target

New Delhi, Sept. 17: CBDT chairman Sushil Chandra on Monday expressed confidence in exceeding ` 11.5 lakh crore direct tax collection target in the current fiscal.

In the 2018- 19 Budget, the government had projected a 14.3 per cent rise in direct tax collections to ` 11.5 lakh crore.

We certainly hope to cross the ` 11.5 lakh crore direct tax collection target for the current fiscal, Mr Chandra said.

However, Controller General of Accounts data shows, the direct tax collections grew a paltry 4.2 per cent on year to ` 1.54 lakh crore in April- June.

Mr Chandra said total tax refund so far in the current fiscal stands at about ` 95,000 crore.

This year, the government conducted a special drive during June 1- 30 to expeditiously clear pending direct tax refunds.

Over 99 per cent of all refund claims pending as of June 30 had been processed and disbursed, a finance ministry statement had said earlier.

In last fiscal, direct tax collection increased over 18 per cent to ` 10.03 lakh crore. Mr Chandra said the government has received close to ` 7,500 crore on account of FlipkartWalmart deal.

Walmart had completed the acquisition of 77 per cent stake in Flipkart for about $ 16 billion in midAugust.

Following the deal, it had to withhold taxes as per Indian laws while making payments to shareholders of Flipkart.

Withholding tax is an I- T to be paid to the government by the payer of the income rather than by the recipient. The tax is withheld or deducted from the income due to the recipient.