Beef up tax collection efforts to meet target: FM to CBEC

The government has budgeted to collect over Rs 5.05 lakh crore in the current fiscal from indirect taxes that comprise excise, customs and service tax, an increase of 27 per cent over realisation in the previous fiscal.

hidden February 05, 2013 12:28:27 IST
Beef up tax collection efforts to meet target: FM to CBEC

New Delhi: Finance Minister P Chidambaram today asked revenue officials to beef up their tax collection efforts to achieve the budgeted target.

"This was a difficult year for the economy including for revenue collection because there was less imports and manufacturing activity was also slackening," Chidambaram said.

Addressing the officials of Central Board of Excise and Customs ( CBEC) here, he said the tax officials should make their best efforts to achieve the budgeted target in the remaining weeks of the current fiscal ending March.

Beef up tax collection efforts to meet target FM to CBEC

In the first eight months of the previous financial year, collection of indirect taxes was Rs 2.50 lakh crore. PTI

"The customs and excise officials should make their best efforts to achieve the target. There is still seven weeks to go (for the fiscal to end). So they should make efforts to reach as much close to the target as possible," Chidambaram said.

The government has budgeted to collect over Rs 5.05 lakh crore in the current fiscal from indirect taxes that comprise excise, customs and service tax, an increase of 27 per cent over realisation in the previous fiscal.

He said this has been a difficult year for tax collectors. Indirect tax collection grew at a moderate rate of 16.8 per cent to Rs 2.92 lakh crore in the April-November period as against the annual growth target of 27 per cent.

In the first eight months of the previous financial year, collection of indirect taxes was Rs 2.50 lakh crore.

While excise has yielded over Rs 1.08 lakh crore during April-November 2012, collection from customs and services tax worked out to over Rs 1.04 lakh crore and Rs 78,774 crore, respectively.

In November last year the government had said it would be difficult to achieve the corporate tax, customs and excise mop-up target as projected in the budget because of subdued corporate profits.

The industrial output growth shrank 0.1 percent in November. The Finance Ministry expects the economy to grow by 5.7 percent, a decade's low, in the current fiscal. This is lower than 6.2 percent recorded in the previous year.

PTI

Updated Date:

also read

Karti Chidambaram booked by CBI; multiple properties in Delhi, Mumbai, Chennai raided
India

Karti Chidambaram booked by CBI; multiple properties in Delhi, Mumbai, Chennai raided

Chidambaram is accused of taking illegal gratification of Rs 50 lakh for facilitating visas for some Chinese nationals for working in a project in Punjab

Law Minister has no authority to draw any 'arbitrary Lakshman Rekha': P Chidambaram
Politics

Law Minister has no authority to draw any 'arbitrary Lakshman Rekha': P Chidambaram

As the Supreme Court put on hold the application of sedition law, Rijiju invoked 'Lakshman Rekha' guiding different institutions, including the Executive and the Judiciary, and said no one should cross their 'boundary'

CBI raids Karti Chidambaram for 'facilitating' illegal visas for 250 Chinese nationals in lieu of 'Rs 50 lakh bribe' from Punjab power company
India

CBI raids Karti Chidambaram for 'facilitating' illegal visas for 250 Chinese nationals in lieu of 'Rs 50 lakh bribe' from Punjab power company

Sources said in 2011 Karti Chidambaram allegedly got these illegal visas from Home Ministry against rules when father P Chidambaram was minister