Mumbai: Initial numbers suggest that direct tax collection is short of the revised target by over ₹ 19,028 crore, but the Income Tax department is hopeful of meeting the target once figures from across the country come.

The department has so far collected ₹ 6,85,972 crore during the year gone by against the projected target of ₹ 7,05,000 crore for fiscal 2015, thus falling short of ₹ 19,028 crore as per the data internally released by the Department on 4 April, a senior I-T official told PTI in Mumbai on Monday.

In FY14, the mop-up was ₹ 5,83,000 crore. Officials believe that the figures are yet to come from some regions and once all the figures are in, which may take more than a week, the target would be met. So far only Delhi and Bangalore zones have been able to meet the targets, the official said.

New Delhi alone has collected ₹ 1,02,083 crore in tax, up from ₹ 86,619 crore in the previous fiscal, whereas Mumbai was able to mop up ₹ 2,26,305 crore, short of the ₹ 2.30 trillion last fiscal.

The department revised the direct tax collection to ₹ 7,05,000 crore for the fiscal 2014-15 against the initial projection of ₹ 7,36,000 crore in view of the sluggish economic growth.

The official blamed the shortfall on sectors such as manufacturing which witnessed a slow growth. However, many large corporations paid higher advance tax this fiscal, especially in the fourth quarter. While State Bank of India reportedly paid 23% more advance tax at about ₹ 1,794 crore for the March quarter against around ₹ 1,456 crore a year-ago, Life Insurance Corp. paid ₹ 1,470 crore, an increase of 15% over ₹ 1,280 last year.

For the full fiscal, the insurance behemoth has paid ₹ 5,880 crore against ₹ 5,100 crore in the last financial year, while mortgage lender HDFC paid 12.8% more at ₹ 2,435 crore this fiscal. Rural development lender Nabard paid about ₹ 1,560 crore, up from ₹ 1,490 crore.

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