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Government Expects 15% Growth in Direct Tax Collection in FY20
February 04, 2019
According to the interim Budget records, the government is expecting to collect ₹13.8 lakh crores via direct taxes during the financial year 2019-20. This would mark a 15% growth against the current financial year that ends in March. The documents also show that the taxes on income are projected to increase by 5% and corporate tax by 13% in the next financial year.
The government has met 65% of its direct taxes target for the current financial year. It was originally ₹11.50 lakh crores but was increased later as the income tax department is expecting to collect ₹50,000 crores more in the form of corporate tax.
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