Govt recovers Rs 18,000 crore tax

The government's direct tax collection of Rs 3,12,000 crore (Rs 3.12 trillion) as of March 17 includes Rs 18,000 crore (Rs 180 billion) recovered by taxmen from regular tax payers and corporate assesses who were trying to understate their liabilities.

The taxmen raised demands for recovery of these taxes as IT authorities are racing against time to meet the truncated target of Rs 3,45,000 crore (Rs 3,450 billion) by March 31.

"Rs 18,000 crore have been recovered post assessment from the demands raised by the department from the taxpayers till March 17," Member CBDT (Revenue) Saroj Bala told PTI.

Of the total recovery made, Rs 13,000 crore (Rs 130 billion) was collected from regular tax payers while Rs 5,000 crore was collected from corporate assessees, she said.

While the direct tax collection at Rs 3,12,800 crore (Rs 3,128 billion) is a growth 18.8 per cent from Rs 3,12,202 crore (Rs 3122.02 billion) in the same period last fiscal, the tax authorities are mopping up the recoveries to meet the set targets.

By the end of this fiscal, which is March 31, the recoveries would increase by another few thousand crores, Bala said.