The Income Tax Department has set a collection target of almost ₹47,000 crore from Telangana and Andhra Pradesh in the current fiscal, an increase of more than 17% over the 2016-17 figure.
“We have set a collection target of ₹46,925 crore, of which ₹7,000 crore is expected to come from Andhra Pradesh and the balance (around ₹40,000 crore) from Telangana,” Principal Chief Commissioner of Income Tax (A.P. and Telangana region) Shyama Prasad Choudhary said here on Friday.
In 2016-17, the collection from the two States that have an assessee base of 25 lakh was ₹39,865 crore as against a target of ₹41,000 crore, he added. This fiscal, the tax collection from corporate sector is expected to be around ₹21,000 crore while the remaining ₹25,925 crore would be from non-corporate tax payers that include individuals.
Expressing confidence of achieving the target for 2017-18, the senior official said it was realistic. The demonetisation exercise last year and the Goods and Services Tax regime that came into force on July 1 were expected to help reach the target, Mr.Choudhary said. There was already over 40% growth in payment of advance taxes in the first instalment under the personal income tax category, something he attributed to demonetisation. GST was expected to boost the tax collection and it would be evident in December, he added. To queries, he said all deposits made into bank accounts during the nearly two-month demonetisation period beginning November 9 last year would be verified. They were classified into three categories and one round of verification had been completed.
Mr. Choudhary was addressing media persons in connection with a conclave being organised on July 24 as part of the Income Tax Day. The Day is celebrated to commemorate the date of authorisation to levy of duty in the form of income tax on July 24, 1860.
