Back to Career News

Government Expects 15% Growth in Direct Tax Collection in FY20

February 04, 2019

Government Expects 15% Growth in Direct Tax Collection in FY20
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.

Image Source

Recommended for you ...

Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners
Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners

September 26, 2024

Banks Report Over 15% Growth in New Credit Card Additions: RBI Data
Banks Report Over 15% Growth in New Credit Card Additions: RBI Data

September 26, 2024

National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank
National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank

September 25, 2024

Chat on WhatsApp