Finance Minister P Chidambaram Thursday in New Delhi expressed confidence that the government would meet its target on indirect taxes for the current fiscal. Briefing media persons about a two-day All India Conference of Chief Commissioners and Director Generals of Customs, Excise and Service Tax, he said that a third party information system of collating data was being devised for better monitoring of returns relating to indirect taxes.
Mr Chidambaram said that so far returns on Value Added Tax (VAT) are used to synchronize details on indirect taxes provided by an assessee. Now the usage of electricity and bills relating to this would also be used for the purpose.
He said the new system relating to Indirect taxes would be on the same lines of Annual Information Report (AIR) relating to Income Tax filing.
The Finance Minister projected the customs growth for 2008-09 at 14.4%, excise growth at 8.8% and service tax at 26.1%. AIR correspondent reports that the conference which began in the morning will review the performance of the Central Board of Excise and Customs, in such key areas as revenue collection, enforcement, trade facilitation, opportunities and challenges before the department. It will also deliberate upon measures to raise compliance level in Service Tax as well as issues relating to SEZs.