Government misses tax collection target by Rs 2,288 crore in FY 2014-15

Government has missed the overall revised tax collection target for both direct and indirect taxes by Rs 2,288 crore in the financial year 2014-15.

"Gross Tax Collections at Rs 12,45,037 crore has shown a growth of 9% (Rs 1,06,303 crore) as compared to FY 2013-14. The gross tax collection is 9.8% of GDP," the Finance Ministry said in a statement on Sunday. The revised direct and indirect tax collection for last fiscal was Rs 12,47,324 crore -- indirect tax mop up at Rs 5,42,325 crore and direct tax at Rs 7,05,000 crore.

However, bettering its own financial targets, the government said it has contained the fiscal deficit at 4% of GDP for 2014-15 at Rs 5,01,880 crore.