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The Finance Minister, Mr Pranab Mukherjee, held a review meeting with income tax officials of Mumbai circle on Saturday and asked them to recover taxes from defaulters and assessees who are not traceable, said a press release issued by the Mumbai IT department.
Emphasising the need for early disposal of appeals, Mr Mukherjee advised the Mumbai Region to adopt some realistic and feasible steps to achieve targets in a time-bound manner.
The tax collection target for the Mumbai region for this fiscal is higher by 33 per cent at Rs 2.04 lakh crore. Advance tax in Mumbai region has grown at a slower pace of four per cent in last three quarters.
Mr N.P. Singh, Chief Commissioner of Income Tax, Mumbai, assured the Finance Minister that all efforts would be made to meet the collection target for the fiscal. Tax Deducted at Source has registered an impressive growth of 25 per cent, he said.
Mr R.S. Gujral, the Secretary (Revenue), said that the times are very critical and there has been sharp decline in GDP growth leading to fall in direct tax collections. Banks, financial institutions and broking firms, which account for about 50 per cent of Mumbai Region's revenue, have been facing financial stress.
While software has done exceptionally well, he said, sectors such as pharma, FMCG and infrastructure can contribute significantly to Mumbai Region's target.
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