“The current growth rate is higher than the target rate of 15.32 per cent required to achieve the Budget Estimate,” Minister of State for Finance said.
The government has witnessed 21.4 per cent year-on-year growth in direct tax collection at over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, a PTI report said.
“The current growth rate is higher than the target rate of 15.32 per cent required to achieve the Budget Estimate,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Rajya Sabha. The government targets to collect Rs 9.8 lakh crore through direct taxes in 2017–18.
The current growth rate in direct tax collections is “quite healthy, belying any apprehension of reduction” in the level of economic or commercial activities, Gangwar added.
In order to boost economic activity in the country, the government is said to have taken several measures as was announced in the Union Budget 2017–18.
The minister also added that the number of cyber crimes pertaining to credit card, ATM, debit card and internet banking has also gone marginally up by 4.4 per cent from 13,083 in 2014–15 to 13,653 in 2016–17.