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Government Hopes to Meet Indirect Tax Collection Target
Wednesday, 08 February 2012, 19:23 Hrs
New Delhi: The government said it hopes to collect 
392,908 crore as indirect taxes for the fiscal ending March 31, as the mop-up in the fist 10 months accounts for 80.74 percent of the total target.
The Central Board of Excise and Customs (CBEC) had been able to achieve nearly 80.74 percent of budget estimate up to the month of January 2012 in the current fiscal, the Finance Ministry said in a statement. "At the present rate of growth, CBEC should be able to achieve the target of392,908 crore," it said.
Total collection from indirect taxes rose by 15.1 percent to317,233 crore in the April-January period, which is 80.74 percent of the whole year's target.
However, the collections from the direct taxes are likely to fall short of the target. Direct tax collections grew by 14.57 percent to425,274 crore in the first 10 months of the current financial year, sharply lower than the budgetary target of around 20 percent growth.
"Gross direct tax collections during April-January of the current fiscal was up by 14.57 percent at425,274 crore as against 371,188 crore in the same period last fiscal," the Ministry said.
Considering the pace in the first 10 months, the government is unlikely to meet the full year budgetary target of5.33 lakh crore.
Source: IANS
392,908 crore as indirect taxes for the fiscal ending March 31, as the mop-up in the fist 10 months accounts for 80.74 percent of the total target.The Central Board of Excise and Customs (CBEC) had been able to achieve nearly 80.74 percent of budget estimate up to the month of January 2012 in the current fiscal, the Finance Ministry said in a statement. "At the present rate of growth, CBEC should be able to achieve the target of
392,908 crore," it said.Total collection from indirect taxes rose by 15.1 percent to
317,233 crore in the April-January period, which is 80.74 percent of the whole year's target.However, the collections from the direct taxes are likely to fall short of the target. Direct tax collections grew by 14.57 percent to
425,274 crore in the first 10 months of the current financial year, sharply lower than the budgetary target of around 20 percent growth."Gross direct tax collections during April-January of the current fiscal was up by 14.57 percent at
425,274 crore as against 371,188 crore in the same period last fiscal," the Ministry said.Considering the pace in the first 10 months, the government is unlikely to meet the full year budgetary target of
5.33 lakh crore.
Source: IANS
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