Industry & Economy
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Taxation
`Govt confident of revenue targets'
Our Bureau
New Delhi
,
July 18
THE Finance Secretary, Mr D.C. Gupta, on Saturday expressed confidence about achieving the projected revenue targets for the year.
"Corporate tax gave a growth of about 36 per cent last year, and with the corporate fundamentals being very strong this year also, a similar growth could be expected," Mr Gupta said while speaking at a seminar organised by the Associated Chambers of Commerce and Industry of India (Assocham) on `Implications of Budget Proposals 2004-05.'
"We are also focusing on recovery of undisputed, irrecoverable arrears and will undertake several measures shortly to see that this is achieved," he said. The imposition of the two per cent education cess and increase in service tax would also help bolster the Government's revenues this year.
Mr Gupta, however, stressed that the aim of the Budget was to be equitable in all aspects with a particular focus on agriculture. On the issue of addition of a new clause to Section 277 of the Income-Tax Act, which would enable tax authorities to send to jail any tax advisor for intending to help another evade taxes, Mr Gupta said that the rules for the same would be specified soon.
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