India aims to up tax target, phase exemptions-finmin
August, 12th 2009
India will aim at a higher direct tax receipts target of 4 trillion rupees ($83 billion) from the budget estimate of 3.7 trillion rupees in the year to March 2010, the finance minister said on Tuesday.
He told tax officials at a conference that tax rates should remain moderate and exemptions should be gradually phased out.
'Given the likely impact on government finances due to unanticipated drought, I will like to suggest a further upward revision in the direct tax collection target,' he said.