Achieving Rs 6.24 lakh cr in indirect taxes a challenge

Tags: News
It is a challenge to achieve the budget target of Rs 6.24 lakh crore in indirect taxes in the current financial year, a senior finance ministry official said today.

"The government faces a challenge in achieving the budgeted indirect tax target in the current fiscal year," Revenue Secretary Shaktikanta Das said at an event here.

The government has budgeted Rs 6,24,902 crore in indirect tax collection in 2014-15, which is 20 per cent higher than indirect tax mop-up (revised estimates) in the last fiscal.

Das said the government is confident of achieving direct tax collection target of Rs 7,36,221 crore, which is 15 per cent higher than direct taxes collected in the last fiscal year (revised estimates).

Speaking at the same event, Sunil Gupta, a joint secretary in the Ministry of Finance said: "In the last fiscal year, we had sent letters to over 1 lakh assesses, who were not filing income tax returns, and it resulted in realisation of about Rs 6,000 crore of additional revenue for the government."

The letters contained summary of information about financial transactions along with customised response sheet with a view to knowing why the person concerned has not filed the income tax returns.

According to the department, there were over 12 lakh PAN (Permanent Account Number) holders, who had not filed income tax returns.

After identifying the defaulters, the department had sent letters to over one lakh such assessees.

EDITORIAL OF THE DAY

  • Banning commercial surrogacy will end exploitation of women

    Thousands of infertile couples around the globe come to India—the world’s biggest hub for commercial surrogacy along with Thailand—to rent wombs

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan needs more women in high office

Japan does not rank high in international tables, when it ...

Jemima Raman

Things one learns on a potter's wheel

As things go, watching a shape emerge from a blob ...

Bubbles Sabharwal

Hold the world in the palm of your hand

There is absolute happiness and relative happiness. The poet John ...