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Direct tax collections may fall short by Rs 60,000-70,000 crore for FY19

Direct tax collections for the full fiscal FY19 is expected to fall short by Rs 60,000-70,000 crore even after factoring the robust collection in the next three weeks to March 31. The government has set a revised target of Rs 12 lakh crore whereas only Rs 8.40 lakh crore have been collected so far. Direct tax revenues have grown at a slower pace of 12.2% as against the projected 19.8%. Any shortfall in collection will breach the government’s fiscal deficit target of 3.4%. Another source added that the direct tax shortfall is going to be over Rs 1 lakh crore.

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