The Income Tax Department in Gujarat has finally collected £4.04 billion in the fiscal year 2016-17, after failing to achieve targets three years in a row. Tax collections in the state, registered a 15 per cent spike in 2016-17, compared to collections of 2015-16. Pound 2.71 billion was collected in the third quarter, accounting for 67 per cent of the total.
Officials said that £111.7 million was collected in the state under the Income Declaration Scheme from June 1 to September 30 last year. Figures reveal, the IT collection was £3.50 billion in the fiscal year 2015-16, against the target of £3.60 billion. The collection fell short by £320 million in 2014-15, when the target was £3.41 billion and £3.09 billion was collected. Every year, the tax target is increased by 10% to 15%. Even considering the slowdown and demonetization, collections have grown. Now that the economy is showing signs of improvement, better collections are expected in the next fiscal too, an official said.
