Union Revenue Secretary Sumit Bose hinted that the Government’s direct tax collection might fall short of the revised target. However, it is likely to exceed the revised indirect tax collection target for FY 2013, he said.
Though the precise figure would be available later this month, Bose said indications are that the revised collection target for 2012-13 from customs, central excise and service tax of Rs 4.6 lakh crore could be crossed.
The Revenue Secretary said this at a meeting organised by the Bengal Chamber of Commerce & Industry here on Friday.
The final figure would be available on April 20, he added. Bose hinted that the direct tax collection was close to the target. The revised combined collection target of the Government from both direct and indirect tax was set at Rs 10.3 lakh crore.
He felt combined target from the two revenue streams, however, could be met as the excess collection in indirect tax might offset the shortfall in the direct tax mop-up.
He also said the trend in tax to GSDP ratio appeared to have been stable in 2012-13 at the 2011-12 level of 6.43 per cent.
“Many of the States have done well in tax collection and this is largely due to use of information technology,” he added.
According to Bose, the ratio of the combined gross state domestic product and tax collection improved in the past few years because of added efforts of the States at revenue collection.
Without giving a specific deadline, he said the Government was attempting to introduce the goods and service tax (GST) “soon”.
The Finance Ministry official said the I-T department was likely to set up the large tax unit (LTU) in Kolkata by June. This unit will cater to the needs of top bracket taxpayers of the eastern region.