Direct tax collection up 5% till November: Sitharaman


New Delhi, Dec 3 (IANS): Rejecting fears of the corporate tax reduction impacting revenue collection, Union Finance Minister Nirmala Sitharaman on Monday told Parliament that the gross direct tax collection had increased by 5 per cent till November.

Sitharaman was responding to the query of Nationalist Congress Party member Supriya Sule, during discussion in the Lok Sabha on the Taxation Law Amendment Bill, 2019, as to how the government was going to manage the corporate tax rate cuts if the direct tax collection has substantially dropped.

The Minister categorically said that there was no decrease in direct tax collection. "In fact, there is an increase of 5 per cent in the gross direct tax collection till November this fiscal."

She also noted that maximum collection of direct taxes happens in the last quarter of the fiscal.

Sitharaman clarified that the objective to reduce corporate tax is only to attract investment, stimulate growth and also to create job opportunities.

The result of the move is that several domestic and global companies have expressed interest in investment, she said.

Banks have disbursed about Rs 2.5 lakh crore during their recent outreach programme and Rs 1.5 lakh crore of the amount was fresh term loans, the Minister said.

Against the backdrop of industrialist Rahul Bajaj's comments that India Inc was afraid of criticising the government, Sitharaman said it is "unfair to say that government is not willing to listen to criticism".

  

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Comment on this article

  • Anonymous, Mangalore

    Tue, Dec 3 2019

    PSU banks mergers are keeping in view the global competition ,to take up mega funding to mfg sector etc.etc.,First merger Bob,VB and Dena..Since it is bearing nine months after merger,what is ground reality. Any big advsnces made by the merged entity?
    Any gain to anybody by bank mergers?
    War against corruption by govt hampered by non introduction of 'linking Adhaar to immovable properties' Whether govt is sincere in taking on corruption?
    ED probe suddenly taken s back seat..Why? Soft corner towards corrupts more particularly bjpians?

    DisAgree Agree [1] Reply Report Abuse

  • Matin, Goa

    Tue, Dec 3 2019

    Jangal men Moor Nacha kisne dekha...

    DisAgree Agree [4] Reply Report Abuse

  • Pramod Suvarna, Derebail/Mangalore

    Tue, Dec 3 2019

    This is Gabbar Singh policy. loot whatever people have through taxes

    DisAgree Agree [3] Reply Report Abuse

  • YOGI THUNTA, MANGALURU - NEAR PUMPWELL CIRCLE

    Tue, Dec 3 2019

    Sitharaman who doesnt know about ABCD of economy and only know how to collect from public and give to the BIG business community as they are interesting in international race on WHO IS THE RICHEST MAN ON EARTH !

    DisAgree Agree [4] Reply Report Abuse

  • Ozy, Surathkal

    Tue, Dec 3 2019

    Its due to festival season so not to make big issue of it and take credit.

    DisAgree Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Dec 3 2019

    Nirmala Sitharaman wants to take credit on Inflation ...

    DisAgree Agree [9] Reply Report Abuse


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