I-T department seeks Rs 1-trillion cut in direct tax mop-up target

The income-tax (I-T) department will ask for a cut of at least Rs 1 trillion in the target for direct tax collection in 2019-20 (FY20) because of growth in the segment sliding to 3 per cent as of October 31.

The reduced growth is largely because of consumption slowdown and tax rate cuts. 

Corporation tax collection, net of refunds, grew by just 0.5 per cent in the first seven months of the fiscal year, against the year’s expansion target of 15.4 per cent at Rs 7.66 trillion. 

Personal I-T collection grew by 5 per cent till October, against