NEW DELHI: Alarmed by the dismal growth in direct tax revenues, the government may tweak the way it collects taxes in a bid to raise more money.
Data for the April-August period show 4.7% expansion in direct tax mop-up, which is way below the full-year growth target of 17.5%.
Total direct tax collection was Rs 5.5 lakh crore till September 17, against Rs 5.25 lakh crore collected during April-September last year.
Officials said that till now, they were looking at ways to boost mop-up without coercive steps.
More so after businessmen started complaining of “tax terrorism” after the suicide of a Bengaluru-based entrepreneur recently.
“Collections are below expectations. There is a drop in both corporate and income tax. This is a matter of concern and we will rework our strategy to improve tax collection. The department is likely to meet in the last week of this month on the issue,” a senior CBDT official told this paper.
How FM plans to Put money in your pockets
Banks told to give away loans before festive season.
No NPA tag for MSMEs till March 2020.
Banks to hold loan melas in 200 districts from October 3 to 7; 200 more districts to be covered October 11 onwards.