Tax collections record unprecedented growth: Chidambaram
December, 08th 2007
Finance Minister P. Chidambaram today said that several new legislative and administrative measures taken by the government have resulted in fiscal stability, improved tax revenues and tightened expenditure.
Addressing the meeting of the Parliamentary Consultative Committee attached to the Finance Ministry, Chidambaram said that the tax buoyancy is the result of good performance of Indian economy and the new initiatives taken by the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC).
On the Direct Taxes, Chidambaram said that the TDS administration, refund bankers, tax return prepares scheme, large tax payers unit, e-filing of taxes and business process reengineering are some of the important initiatives which have brought an unprecedented growth of tax collections.
He said that attitude of people to pay taxes has now been changing.
The personal income tax grew by 42.5 percent and corporation tax by 46.6 percent during April-November 2007 over the corresponding period of last fiscal.
The overall direct tax collection growth rate is 44.9 percent during this period, he added.
Chidambaram said that the number of taxpayers in the country has been increasing. While the number of assesses increased from 301.78 lakhs in 2003-04 to 319.26 lakhs in 2006-07, the number of assesses filing return of income increased from 234.25 lakhs to 275.44 lakhs during this period.
The number of PANs as on October 31, 2007 is 5,74,74,806 and around 8-9 lakhs PANs are being allotted every year.
PANs de-duplication has been completed in respect of more than 95 percent cases, he said.
Chidambaram said that pilot project of the State Bank of India acting as a Refund Banker has been extended to select charges of four more cities -- Mumbai, Kolkata, Chennai and Bangalore -- apart from the existing cities at Delhi and Patna.
On indirect taxes, Chidambaram said that customs duty rates are being decreased continuously, while the excise duty rates have decreased.