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Indian Govt Initiates Steps to Meet Tax Collection Targets
December, 20th 2008
Indian Government has taken various steps including close monitoring of advance tax payments of top tax-payers and collection of arrears from defaulters to meet the targets of direct and indirect taxes during the year. In case of direct taxes (corporate and personal income tax), the government had estimated receipt of Rs 3650 billion during 2008-09 and net collection till November this year stood at Rs 1772.51 billion. In a written reply in Indias Lower House of Parliament (Lok Sabha), Minister of State for Finance S S Palanimanickam said the government has initiated many steps to facilitate achievement of the collection targets during the remaining period of the current fiscal. Government is also planning to strengthen the tax deduction at source/tax collection at source set-up by creating 13 Commissioner-level posts and conducting effective surveys to unearth non-payment of TDS/TCS on direct tax slide. Of the indirect tax collection estimates of Rs 3200 billion (customs duties, central excise duty and service tax), the government has collected Rs 1625.35 billion during April-October, according to provisional figures. Government is emphasizing on voluntary tax-compliance through better taxpayers service and multi-media campaign to encourage voluntary compliance of tax laws. Palanimanickam said the government was developing a scientific system of scrutiny of returns filed by tax payers to detect any short payment of tax or duty. (PTI)
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