The Central Board of Excise and Customs (CBEC), on Monday, expressed optimism over hitting the indirect tax collection target set for the current fiscal at slightly over Rs.4-lakh crore despite the perceived slowdown in industry.
Interacting with the media on the sidelines of an interactive session, organised by the Confederation of Indian Industry (CII) here, CBEC Chairman S. K. Goel not only exuded confidence over hitting the target but also felt that a slowdown in GDP (gross domestic product) growth to 7.5 per cent was not a matter of worry as an economic expansion of that level would be enough to take care of the targeted revenue during the fiscal year.
I am an optimist. For the year, I think we will able to achieve our target of Rs.4,00,635 crore No, I am not worried [over slowdown in overall growth]. I think 7.5 per cent GDP growth should take care of our targets, he said.
Indirect tax collections during the first seven months of 2011-12, though up by 18.5 per cent at Rs.2.21-lakh crore as compared to Rs.1.86-lakh crore in the like period of 2010-11, account for just 55.3 per cent of the budget estimate for the current fiscal year.
As for the draft paper on the issue of taxing services based on a negative list, Mr. Goel said that the CBEC was still getting feedback from the industry. We will analyse [the] feedbacks and the government will take [a] decision, he said.
Earlier, addressing the interactive session on Global uncertainty and India's international trade', the CBEC chief said that the prevailing global uncertainty presented an unique opportunity to India to strategise its future course of action for achieving the $300-billion export target.
Net direct tax collections jumped 8.63 per cent to Rs.2.35 lakh crore during the first eight months of this fiscal. These stood at Rs.2.16 lakh crore in the same period of the previous fiscal. We have (thus) achieved 44 per cent of the budget estimate, a senior finance ministry official told PTI.
Gross direct tax collections for the April-November period registered a growth of 19.56 per cent at Rs.3.04 lakh crore against Rs.2.54 lakh crore in the same period of the previous fiscal.
The Income-tax Department provided refunds to the tune of Rs.68,669 crore during the period, as against Rs.37,640 crore in the corresponding period last year, the official said.
Gross corporate tax collection was up 19.61 per cent at Rs.1.99 lakh crore against Rs.1.66 lakh crore.
Gross personal income-tax collection was up 19.44 per cent at Rs.1.04 lakh crore and net personal income tax 14 per cent at Rs.88,567 crore, the official said. Net corporate income-tax in April-November was higher by 5.65 per cent, at Rs.1.46 lakh crore against Rs.1.38 lakh crore in the same period last year.