Collection of direct taxes grew 16%, slower than the required 35%

India's direct tax collection grew 16% in 10 months this fiscal, sharply lower than the 35% pace needed to meet the government's full-year projection. According to figures available with the income-tax department, direct tax receipts in the current fiscal to February 5 grew to 3.6 lakh crore, against the government's full-year projection of 5.80 lakh crore. The government had initially estimated a 20% increase in direct tax mopup in 2011-12 to 5.33 lakh crore, but the target was revised to 33% on the finance ministry's instructions. "Unless there is a marked improvement in the economy in the coming six weeks, we would not be able to meet the revised target. We may, however, meet the original target," a senior I-T official said.

Source: Economic Times