New Delhi: Buoyed by impressive tax mop-up till October, the Government today (November 14) claimed it would over-shoot the overall tax target of 16 per cent growth this fiscal, despite Customs collections falling slightly below the stipulated growth rate till now.

"We have some revenue pressure points but overall we will exceed the Budgetary target of tax collection," Revenue Secretary Vineeta Rai told reporters on the occasion of release of the Mid-Year Economic Review by Finance Ministry.

Highlighting a 36 per cent growth in corporate tax collection till October, she said the direct tax collections totalled at Rs 57,391 crore.

After accounting for the refunds of Rs 18,633 crore, the net direct tax collection stood at Rs 38,758 crore, she said, but admitted that the scenario on Income Tax was not so buoyant as it recorded only 5.4 per cent growth.

Total tax collection (direct and indirect) surged to Rs 1,14,412 crore till October this fiscal although Customs collection with 8.82 per cent growth fell marginally short of the targeted 9.86 per cent growth.

She pointed out that the growth in petroleum sector, which accounts for 40 per cent share in Customs collection, was not as much but emphasised that the inclusion of more and more areas in the services sector would keep the overall tax collections high.

PTI