New Delhi: Direct tax collections have fallen short by Rs 50,000 crore thereby failing to meet the revised target of Rs 12 lakh crore for 2018-19 fiscal on account of poor personal income tax collections.
“We will get close to most likely the earlier target of Rs 11.5 lakh crore for 2018-19 as calculations are at the final stage not beyond that… We will not meet upward revised target of Rs 12 lakh crore,” an official source said.
Sources said the target of personal income tax of Rs 5.29 lakh crore was not met by almost the same shortfall amount of Rs 50,000 crore, which dragged down the direct tax collections for the fiscal 2018-19.
They also said that the corporate tax target of Rs 6.71 lakh crore was more or less met with minor aberrations.
The advance tax paid was over Rs 5 lakh crore of the total 11.5 lakh crore. Advance tax is payable on total income sources — salary, business, professions, rent of a fiscal year. It is paid before the fiscal ends.