New Delhi: Revenue collections will be on target at around Rs 2,50,000 crore this fiscal in view of impressive Direct Tax mop-up, Minister of State for Finance Shripad Naik said today (Nov 21).

"The tax collections will be near about Rs 2,50,000 crore this fiscal," he said, adding the surge in Service Tax collection will make up for the shortfall, if any, in Excise and Customs.

The Government has targeted 16 per cent growth in tax collection at about Rs 2,41,460 crore during 2003-04.

Till October this fiscal, the Centre mopped up Rs 1,14,412 crore, compared to Rs 1,08,330 crore in last fiscal.

Direct Tax collections grew to Rs 38,758.61 crore till October this year from Rs 32,674 crore in April- October 2002.

Hefty corporate earnings helped Corporate Tax collections to surge 36 per cent to Rs 20,907 crore till October 2003 from Rs 15,561 crore in the same period last fiscal.

Income Tax inched up 5.4 per cent to Rs 17,816 crore till October 2003 from Rs 16,902 crore in the same period last year, Ministry official said.

Indirect Tax mop-up increased 8.82 per cent to Rs 75,655 crore during the first seven months of this fiscal from Rs 69,521 crore in April-October 2002.

Excise mop-up surged 8.82 per cent to Rs 47,679 crore during the first seven months from Rs 43,814 crore in April-October 2002. Customs collections surged 8.83 per cent to Rs 27,977 crore during the first seven months from Rs 25,707 crore in April-October 2002.

PTI