Pranab Mukherjee: Govt collects Rs7.90 lakh crore in taxes in FY11
May, 12th 2011
The government has collected an "unprecedented" Rs7.90 lakh crore in taxes in 2010-11 while refunds worth Rs74,000 crore have been issued during the fiscal, finance minister Pranab Mukherjee said today.
"There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs7,45,000 crore that we revised to Rs7,82,000 crore, the total collections stand at nearly Rs7,90,000 crore," Mukherjee said in a commendation letter to Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra.
"This has greatly strengthened our efforts for fiscal consolidation that is a key imperative for growth of our country's economy and the socio-economic developments of its people," he added.
Mukherjee, while calling the performance of the I-T department as "magnificent", also asked Chandra to convey his "commendation" to all the officers and staff of the department across the country who are responsible for tax collection under the direct taxes category.
"At the beginning of the year, we set a target of direct tax collections of Rs4,30,000 crore. I have noted with great pleasure that our 'Aaykar Parivar' has succeeded in meeting the revised target of Rs4,46,000 crore and that too after issuing a record number of around 85 lakh refunds totalling around Rs74,000 crore during the year," he said.
"The refunds and other taxpayer-friendly initiatives taken by CBDT are important milestones in good governance that encourage voluntary tax compliance," the finance minister said in his letter.
Mukherjee asked the I-T department to continue doing the good job for an innovative and responsible administration and a valuable partnership to India's growth story.