GOI Achieved 50% Tax Collection Target of ₹13.35 Trillion

So far, the Government of India has collected up to ₹6 trillion as a direct tax. The government has set a target of Rs 13.5 lakh crore for this fiscal year’s tax collection, 50% of which has been achieved till the date.

This information has been made available by a senior officer. PC Modi, Chairman of the Central Board of Direct Taxes, said that all efforts are being made to meet the target set in the budget. He said this after the inauguration ceremony of Taxpayers Lounge, held at Pragati Maidan.

“During the beginning of the year, we were given the tax collection (target) of ₹13.35 trillion. Of this, we have already collected ₹6 trillion so far,” he told.

Modi said that income tax refund Simple steps to claim and know the status of income tax return refund online on government income tax website. Find the full process enclosed with the article. Read More has also raised by 20% this year in comparison to the last financial year. Modi also underlined the smooth & swiftly going refund process of tax due to the taxpayers. He said that he is constantly striving for tax collection and he is confident that the target set in the budget will be achieved.

“Efforts are made towards tax collection and I have full confidence that we will reach the target set in the Budget,” Mody said.

Modi said that better services to the taxpayer are one of his priorities and so a member has been appointed to pay special attention to taxpayer services.

A faceless e-assessment mechanism has been launched by the income tax department to remove a link between an assessing officer and an assessee. Under the National e-Assessment Center (NeAC), 58,322 IT cases have been elected for e-scrutinisation.

In a stagnant economic scenario when the economy has encountered the lowest of six-years’ economic growth at just 5% during the first quarter of the current FY, the GOI is struggling to meet the revenue targets.

Economic growth in the second quarter is anticipated to be lower than 5% and the total growth in the current fiscal year is also expected to stand downcasted which further indicates GDP growth of less than 5.5%. This is summing up to more pressure for tax collection.

Finance Minister of India – Nirmala Sitharaman notified reduction in the tax rate on corporate income of domestic companies from 30% to 22% on September 20. This will lead the effective tax rate on income Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates are provided such as Individual/HUF, Companies, Partnership Firms. Read More of corporates to 25.2% after encompassing additional charges for the companies not getting any exemptions or benefits.

Corporate income tax rate of 25% is abbreviated to 15% or 17%(after adding additional levies) for new companies established after 1st October 2019.

This led to the loss of ₹1.45 trillion in government revenue during the FY 2019-20, followed by demands for cutting down IT rates for taxpayers to resuscitate Indian economy by increasing the cash in hand for the common man and so their consumption potentials.

The economic growth of India has fallen down to 5% – the lowest of six years in the quarter from April to June. Although measures have been taken to motivate the real estate & financial sectors, economic standard of India will take some quarter to uplift.