India Raises Indirect Tax Collection Target by 7%

RAMESH KUMAR VERMA ( CS PURSUING ) (43848 Points)

28 January 2011  

India Raises Indirect Tax Collection Target by 7%

New Delhi: Boosted by higher revenue mop-up during April-December 2010-11, the government on Thursday said it has upped indirect tax collection estimates by 7% for this fiscal, from the Budget target of Rs. 3.15 trillion.

The decision comes on the heels of revenue secretary Sunil Mitra saying earlier this week that the direct tax collection target has been raised from Rs. 4.30 trillion to Rs. 4.46 trillion for the current fiscal.

“The revised estimate for tax (indirect) collection has been increased by 7 %,” Central Board of Excise and Customs (CBEC) chairman S Dutt Majumder said on the sidelines of International Customs Day function.

In the Budget 2010-11, the government targeted a collection of Rs. 3.15 trillion through indirect taxes -- from customs, excise and service tax.

Customs duty collection has increased by about 68% during April-December 2010-11 from the corresponding period last fiscal. Similarly, the year-on-year growth in excise duty and service tax collections increased by 33% and 18%, respectively.

Majumder said the Centre was actively engaged with state governments for implementing the goods and services tax (GST), which will replace the existing indirect taxes regime.

GST would further improve tax collection, he said.

CBEC is also upgrading its IT infrastructure on various ports and taking steps to bring down transaction costs.
 


Source : livemint.com