Govt raises indirect tax collection target by 7 pc for this fiscal
January, 28th 2011
Boosted by higher revenue mop-up during April-December 2010-11, the Government today said it has upped indirect tax collection estimates by 7 per cent for this fiscal, from the Budget target of Rs 3.15 lakh crore.
The decision comes on the heels of Revenue Secretary Sunil Mitra saying earlier this week that the direct tax collection target has been raised from Rs 4.30 lakh crore to Rs 4.46 lakh crore for the current fiscal.
"The revised estimate for tax (indirect) collection has been increased by seven per cent," Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder told reporters on the sidelines of International Customs Day function here.
In the Budget 2010-11, the government targeted a collection of Rs 3.15 lakh crore through indirect taxes -- from customs, excise and service tax.
Customs duty collection has increased by about 68 per cent during April-December 2010-11 from the corresponding period last fiscal. Similarly, the year-on-year growth in excise duty and service tax collections increased by 33 per cent and 18 per cent, respectively.
Majumder said the Centre was actively engaged with state governments for implementing the Goods and Services Tax (GST), which will replace the existing indirect taxes regime.
GST would further improve tax collection, he said. CBEC is upgrading its IT infrastructure on various ports and taking steps to bring down transaction costs.