Allaying fears of sluggish economic growth impacting tax collections, Central Board of Direct Taxes chairman Prakash Chandra on Thursday exuded confidence that revenue targets for 2011-12 will be achieved.
"We have got no indication (of slowdown impacting revenue collections). I am confident that direct tax collection target for the current fiscal would be achieved," Chandra told reporters in New Delhi when asked whether decelerating economic growth would impact tax collections.
He said, "Present indications are that (direct) tax revenue (collections) are growing at over 23 per cent. We will certainly reach our targets".
The gross direct tax collections in April-June this year were up by 23.91 per cent at Rs 1,04,136 crore (Rs 1,041.36 billion) as against Rs 84,041 crore (Rs 840.41 billion) during the same period a year-ago.
However, due to hefty increase in tax refunds which more than doubled in the first quarter of the current fiscal, net direct tax collections dropped by almost 17 per cent during the same period to Rs 57,268 crore (Rs 572.68 billion).
The net direct direct tax collections stood at Rs 68,675 crore (Rs 686.75 billion)