The Direct tax collections have been registered an increase of 3.7% to Rs 1,83,822 crore, as compared to Rs 1,77,251 crore in the first eight months of the current financial year.

Against the tax collection target of Rs 3,70,000 crore set by the government for this year, only half has been attained. In order to reach this target, the revenue department will have to collect the same amount of tax in the next four months.

Looking at the stunning growth of 7.9% in the second quarter, the government officials have raised hopes that they will comfortably reach the target in the given time.

Under the Direct taxes, the corporate taxes surged by 3.17% to Rs 1.13 lakh crore against Rs 1.09 lakh crore in the same period of the last year. In the personal income taxes, the figure was Rs 70,262 crore, which went up by 4.53%.

This year’s tax collection target is set at 9.4 % higher than previous year’s total tax collection.

Last year, due to the economic slowdown, the government was able to collect Rs 3,40,000, which is less than the targeted Rs 3,45,000 crore.