Budget 2019: Government expects 15% jump in direct tax collection in 2019-20

The government expects revenue from direct taxes to increase 15 percent to Rs 13.8 lakh crore in the next financial year, as per interim Budget documents.

In case of taxes on income, it is expected to grow 5 percent to Rs 6.20 lakh crore while corporate tax is expected to grow 13 percent next year.

The government has met more than 64.7 percent of the total budget estimate of direct taxes, for which the mop-up target is Rs 11.50 lakh crore. The target has been revised upwards to Rs 12 lakh crore as the tax department expects Rs 50,000 crore additional mop-up on corporate tax.

Revenue from direct tax grew 13.6 percent to Rs 7.43 lakh crore in the first nine months of the current financial year 2018-19 (April-March. The tax receipt figures indicate net direct tax collection, which is arrived after adjusting refunds.