New Delhi : Central Board of Direct Taxes (CBDT) chairman Nitin Gupta on Tuesday said the direct tax collection of the Center is going to grow this year by a much higher margin than the budget estimates.
Talking to reporters at the taxpayers’ lounge set up by the Income Tax Department at the ongoing India International Trade Fair in the capital, Gupta said receipts from direct taxes, including personal and corporate tax receipts, are expected to grow more and more after the refunds. 25% as compared to the Union Budget Estimates for this financial year.
“For the current year, we are confident that we will exceed the budget estimate by a huge margin. It could be 25-30 per cent higher. Next year, considering the buoyancy of tax collections, we will give a good collection to the government Gupta said. The Centre’s direct tax target for this financial year is 14.2 trillion.
Official data earlier this month showed that net direct tax collections till November 10 had increased by 26% compared to a year ago. 8.71 trillion, representing 61.3% of the total budget estimate for the entire fiscal year. The data released last Friday also showed that gross direct tax collections before accounting for tax refunds 10.54 trillion so far this year, showing an improvement of 30.6% over the gross collections made in the same period a year ago.
Gupta also said that the tax department is making changes in the tax return form. “We have launched the Common Return Form for stakeholder consultation and are expected to consider the same by December 15. Once we get it, we will work more on it. This year we did a lot of taxpayer service in terms of (speedy) return processing and refund issuance. This will continue,” said Gupta.
Gupta said that with online gaming making headlines, the tax department is working to see how a better audit trail can be set up for money spent and earned from such online activities, news agency PTI told.
“Online gaming and betting is a new kid on the block, and we will take a look at the budget preparation stage and see how piracy can be controlled and at the same time, it is easier for taxpayers to maintain accounts and pay taxes Let’s make it easy,” Gupta was quoted as saying in the PTI report.
He said that the department is expanding the areas where Tax Deduction at Source (TDS) is applicable.
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