Total indirect tax collections were pegged at over Rs 5.65 lakh crore in the Budget, an increase of 20%
As tax revenue collections grow at a snail’s pace, Finance Minister P Chidambaram today asked his officials to raise the revenue collections in the last three months of the financial year.The finance ministry has set lower targets for tax collections in the Revised Estimates (RE), which will be revealed at the presentation of interim Budget next month. But the finance minister is now hopeful of mopping up more than RE.
“While revised estimates are lower than Budget Estimates, going by the trend I urge you to do better than RE and show what you are capable of,” he said addressing the Customs Day here.
Finance Secretary Sumit Bose later said customs duty collection grew 6.7% in December. This is much slower than the target of 14% growth this year. The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in 2013-14.
“It has been a satisfying year. I am happy that the customs revenue has shown a higher growth rate in the month of December, a little more than we had anticipated in the revised estimates. I am tempted to raise the revised estimate but I will not do so," Chidambaram said.
The finance minister also said that service tax collections in the coming years would exceed customs and excise mop-up when Goods and Services Tax (GST) is implemented.
Total indirect tax collections were pegged at over Rs 5.65 lakh crore in the Budget—an increase of 20% over the previous year.
As tax revenue collections grow at a snail’s pace, Finance Minister P Chidambaram today asked his officials to raise the revenue collections in the last three months of the financial year.The finance ministry has set lower targets for tax collections in the Revised Estimates (RE), which will be revealed at the presentation of interim Budget next month. But the finance minister is now hopeful of mopping up more than RE.
“While revised estimates are lower than Budget Estimates, going by the trend I urge you to do better than RE and show what you are capable of,” he said addressing the Customs Day here.
Finance Secretary Sumit Bose later said customs duty collection grew 6.7% in December. This is much slower than the target of 14% growth this year. The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in 2013-14.
“It has been a satisfying year. I am happy that the customs revenue has shown a higher growth rate in the month of December, a little more than we had anticipated in the revised estimates. I am tempted to raise the revised estimate but I will not do so," Chidambaram said.
The finance minister also said that service tax collections in the coming years would exceed customs and excise mop-up when Goods and Services Tax (GST) is implemented.
Total indirect tax collections were pegged at over Rs 5.65 lakh crore in the Budget—an increase of 20% over the previous year.
Source: Business standard
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