Finance Minister P Chidambaram today exuded confidence that the "ambitious" revised target of Rs 2,29,272 crore for direct tax collections during 2006-07 would be achieved. "For the last year, revised estimates (for direct tax collections) fixed an ambitious target of over 2,29,000 crore. I am confident that when the final data comes, we would achieve the target," Chidambaram said while launching the video conference facility of the Income Tax Department.
As per the latest figure, Rs 2,23,797.1 crore has been collected comprising Rs 1,41,915.4 crore corporate tax, Rs 71,011.4 crore personal income tax, Rs 5,331.7 crore fringe benefit tax, Rs 4,729.5 crore securities transaction tax and Rs 505.4 crore banking cash transaction tax. The actual figures are expected any day this month.
For the current fiscal, the target for direct tax collections has been increased to Rs 2,67,000 crore. "All this can be ahieved, and more can be achieved if we have faith in technology and keep communications channels open, constantly upgrading the quality of information with the department and sharing such information with all field formations," the Finance Minister said.
The video conference facility connects the North Block to the 46 cities headed by chief commissioners of income tax and director general of the National Academy of Direct Taxes.