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  3. CBDT Chairman hopes to cross Rs 11.5 lakh crore direct tax collection target for FY19

CBDT Chairman hopes to cross Rs 11.5 lakh crore direct tax collection target for FY19

18 Sep 2018 Evaluate

Expressing confidence on robust tax collection, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra is hoping to cross the Rs 11.5 lakh crore direct tax collection target for the current fiscal (FY19). The government had projected a 14.3% rise in direct tax collections to Rs 11.5 lakh crore in 2018-19 budget. Besides, direct tax collection increased over 18% to Rs 10.03 lakh crore in fiscal year 2017-18. However, Controller General of Accounts data showed that the direct tax collections grew a paltry 4.2% on year to Rs 1.54 lakh crore in April-June.

CBDT Chairman said total tax refund so far in the current financial year stands at about Rs 95,000 crore. This year, the government conducted a special drive during June 1-30 to expeditiously clear pending direct tax refunds. As per the finance ministry statement, over 99% of all refund claims pending as of June 30 had been processed and disbursed.

Chandra said the government has received close to Rs 7,500 crore on account of Flipkart-Walmart deal. Walmart Inc had completed the acquisition of 77% stake in Flipkart for about $16 billion in mid-August. Following the deal, it had to withhold taxes as per Indian laws while making payments to shareholders of Flipkart. Withholding tax, or retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income. The tax is withheld or deducted from the income due to the recipient.

As per domestic tax law, long-term capital gains tax is levied at 20% for shares sold by foreign investors after 24 months of purchase. However, the I-T law also provides for a taxpayer to pay taxes at a lower or nil rate if he is eligible to claim the benefits under the double taxation avoidance agreement between India and the country from where the investment was routed.

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