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

  • India’s commercial links with Britain since Company Raj will still prosper

    There is little point in shedding tears over Britain’s exit from the European Union (EU).

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Regimenting art runs counter to a creative society

For poetry makes nothing happen,” so said American poet WH ...

Zehra Naqvi

Of traitors & cadavers

There’s nothing like a book that arrests you from the ...

Dharmendra Khandal

Why drone technology doesn't work

Poaching and anti-forestry activities are a problem for forest departments ...