I-T dept to revise target for Gujarat
Despite a growth of 16.50% in revenue collection from Gujarat, income tax department may revise downward its target for Gujarat.
Despite a growth of 16.50% in revenue collection from Gujarat, income tax department may revise downward its target for Gujarat region by around Rs450 crore, which works out to be around 3% of the total target. At national level, the revision may be as high as 7% as a result of ongoing slowdown in the economy.
According to I-T officials, the target set up for Gujarat for FY09 was Rs14,545.23 crore. By January 31, 09, the collection is Rs9,203 crore against Rs7,902.2 crore collected last year. Collections in Gujarat are around 4% higher than the national level. The fourth quarter of the fiscal is going to play a crucial role in respect of the total collection, especially in the month of March.
“We are hopeful to achieve the target, as during February and March we get maximum monthly collections. However, we cannot expect good growth this year due to slowdown,” said an I-T officer.
According to I-T officials, the target set up for Gujarat for FY09 was Rs14,545.23 crore. By January 31, 09, the collection is Rs9,203 crore against Rs7,902.2 crore collected last year. Collections in Gujarat are around 4% higher than the national level. The fourth quarter of the fiscal is going to play a crucial role in respect of the total collection, especially in the month of March.
“We are hopeful to achieve the target, as during February and March we get maximum monthly collections. However, we cannot expect good growth this year due to slowdown,” said an I-T officer.