Tax collection targets for the current financial year increased

Finance Minister Shri Pranab Mukherjee has said that the targets for direct and indirect tax collections are being raised for this financial year. He said that direct tax collection target is to be increased to 4% and indirect tax collection target will be raised to 6%. The Finance Minister was addressing the review meeting of Central Board of Direct taxes (CBDT) and Central Board of Exise and Customs (CBEC) in Chennai today.

The Finance Minister asked officials to focus on increasing service tax collection. He pointed out that while the services sector has grown enormously, the rise in service tax collection was not commensurate.

Shri Pranab Mukherjee also said that for ensuring a high rate of economic growth it was necessary to roll out the Goods and Services tax (GST) regime. He assured everyone that all steps will be taken to resolve the hurdles in the implimentation of GST.

Besides high officials of both the boards, Minister of State for Finance Shri S S Palnimanickam, Revenue Secreatry Shri Sunil Mitra, Chairman CBDT Shri Sudhir Chandra and Chairman, CBEC Shri Dutt Majumdar took part in the review meeting.