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The Finance Minister, Mr Pranab Mukherjee on Wednesday asked the CBEC to devise a strategy to realise during this fiscal at least 50 per cent of locked-up revenues.
This would provide the necessary fillip to the Central Board of Excise and Customs (CBEC) in attaining the budgeted revenue target for 2011-12, Mr Pranab Mukherjee told an annual conference of chief commissioners and directors general of CBEC here today.
Currently, revenue arrears are around Rs 35,000 crore. It has grown consistently over the years from a little over Rs 9,000 crore in March 2005 to the current levels.
The Minister noted that the task of collecting Rs 3.92 lakh crore as indirect tax revenues for 2011-12 was “very challenging’’ and would require “sustained and strategic efforts’’ throughout the financial year.
Meanwhile, Mr Mr Pranab Mukherjee also announced that the Government has decided to set up seven indirect tax ombudsman. They will be located at Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Ahmedabad and Lucknow. This would help CBEC in faster disposal of grievances.
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