The Income Tax revenue collection of Madhya Pradesh and Chhattisgarh circles have shown remarkable growth which includes assessment, collection and recovery of direct taxes, survey operations having target of Rs5965 crores during the current financial year, said Abrar Ahmed, Principal Chief Commissioner of Income Tax (CCIT)(MP&CG) while addressing media persons here on Tuesday .
This region (Madhya Pradesh and Chhattisgarh) has put more efforts in the area of TDS collection to achieve the budget collection. TDS growth rate is 12.74% as against 11.31% growth rate across the nation, Abrar informed.
As of now, the Department has collected Rs5527.6 crore against the annual target of Rs8264 crore so far, he said.
In order to achieve the budget collection target, the Department is regularly monitoring advance tax collection. But two companies NCl at Jabalpur and SECl at Bilaspur are not paying taxes as paid in the corresponding period of previous year. Short fall on part of both the companies comes to Rs687 crore, Abrar said.
However, the total budget collection of CCIT, Bhopal region is on date excluding NCl shows a growth rate of 2.3% than the preceding year, Abrar added.
The Department has seized Rs343 crore in 63 raids whereas no bank official was held for any financial irregularities in Chhattisgarh region, he further said.