Income Tax Collection From Mumbai Falls Below Target In FY17

The Mumbai income tax zone, which contributes a third of the nationwide direct tax collection, has missed the revenue mop-up target for financial year 2016-17 by a whisker, a department official has said.

"The Mumbai zone has missed the target of Rs 2.79 lakh crore for FY17 by a wafer-thin margin," an official of the income tax department told PTI.

However, the official didn't give the exact amount which has been collected from the nation's financial capital. Citing the reason for missing the mark, the official said, "We have given refunds by over 30 percent when compared to the previous year and it was one of the major reasons for marginally missing the target."

The Mumbai zone had achieved the revenue collection of Rs 2.48 lakh crore in the previous financial year. At the national level, direct tax collections in FY17 stood at Rs 8.47 lakh crore, up 14.2 percent over the the last fiscal. The department was able to meet the target for FY17 whereas it had missed the mark for pan-India in the previous financial year.

Meanwhile, Bengaluru topped the chart in collection of direct taxes among all the metros for the year, while the national capital saw a marginal growth. In percentage terms, Bengaluru upped the chart with a 21 percent growth at Rs 90,000 crore, whereas New Delhi's collections inched up by 5 percent to Rs 1.1 lakh crore.

In contrast, Chennai zone grew 18 percent at Rs 60,000 crore and Kolkata by 15 percent at Rs 36,500 crore, the official added