Rs 6.23 lakh-crore indirect tax target challenging, but achievable: Jaitley
Finance Minister Arun Jaitley Monday said the Rs 6.23 lakh-crore indirect taxes collection target for 2014-15 is a challenging one but can be achieved given the measures taken by the government to boost the manufacturing sector.business Updated: Aug 11, 2014 23:53 IST
Finance Minister Arun Jaitley Monday said the Rs 6.23 lakh-crore indirect taxes collection target for 2014-15 is a challenging one but can be achieved given the measures taken by the government to boost the manufacturing sector.
“The revenue targets in the case of indirect taxes for 2014-15 are challenging but very much achievable. The revenue targets for indirect taxes for the current fiscal year is fixed at Rs 6,23,244 crore, with an overall growth rate of more than 25%,” he said, while delivering the key note address after inaugurating the two-day annual conference of chief commissioners and directors general of customs, central excise and service tax.
“In order to spur growth, we have, in the past few months, concentrated on improving areas such as manufacturing and infrastructure,” he said.
The government has taken a series of measures in the last two months to boost the performance of these sectors, he added.
Stressing that the government is in favour of trade facilitation, Jaitley said efficient trade facilitation leads to reduction in transactional costs for businesses.
The finance minister asked senior officers of the Central Board of Excise and Customs to work as a facilitator for tax payers and take action in cases of revenue leakages or tax evasion.
The cost of tax collection, both in case of direct and indirect taxes, is not very high and further investment in strengthening the tax infrastructure in the country will bring better returns to the exchequer, he said.