Direct tax revenue up by 17.2 percent in the first half

Chennai, Oct 28 (IANS) The country’s direct tax collection has gone up by 17.2 percent in the first half of the current fiscal to around Rs.200,000 crore, touching 47 percent of the budgetary target, Revenue Secretary Sunil Mitra said Thrusday.

‘The total direct tax revenue as on Sep 30, 2010 is around Rs.200,000 crore. The target tax collection for the current fiscal is Rs.745,000 crore (indirect tax Rs.315,000 crore; direct tax Rs.430,000 crore),’ Mitra told reporters here on the sidelines of interactive session on Direct Tax Code (DTC), organised by Confederation of Indian Industry (CII).

He expects the tax revenue will grow by around 19 percent this year over the previous year.

He said the revenue from customs duty, between April and September 2010, was at Rs.62,747 crore as compared to

Rs.37,907 crore last year.

According to him, central excise and service tax revenue stood at Rs.60,360 crore and Rs.26,889 crore respectively.

Earlier addressing industry officials, Mitra said the government is likely to introduce the DTC Bill during the monsoon session of parliament.

He said the government has received around 1,600 comments on the draft DTC Bill, with the main issues being centred around the minimum alternate tax on gross assets and shift from shift from the exempt-exempt-exempt (EEE) system to exempt-exempt-tax (EET) and capital gains.

According to him, deferring implementation of the DTC till 2012 is a conscious decision and not connected to the Goods and Service Tax (GST).

‘We decided to give people more time to adapt to the new tax law. Further, we we need time to write all subordinate legislation,’ said Mitra.

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