Govt will ensure stable tax regime: Chidambaram
Confident of meeting direct tax collection target for the current fiscal, the finance minister P Chidambaram today said the government will ensure stable tax regime and non-adversarial approach in revenue collection.business Updated: Sep 03, 2012 15:11 IST
Confident of meeting direct tax collection target for the current fiscal, the finance minister P Chidambaram on Monday said the government will ensure stable tax regime and non-adversarial approach in revenue collection.
"We will ensure there is a stable tax regime, there is stable tax laws and everybody adopts a non-adversarial approach to tax collection," he said after addressing chief commissioners and directors general of income tax.
"I have asked chief commissioners to adopt non-adversarial approach to tax collection. I have told the CCITs to repeat this message to all commissioners, all assistant commissioners and deputy commissioners and ITOs," he said.
Asking assessees to pay advances taxes by due date, he said "paying taxes is a mark of civilization. If I pay more taxes, I should be more happy and more proud. I am making more money and I am paying more taxes".
The corporates would be paying the second installment of advance tax and individual their first installment of advance tax by September 15.
"It is our intention to achieve the Rs 5,70,257 crore direct tax collection target for the current fiscal. We will be able to achieve the target," he said, adding, the collection is growing at 10.5% against the asking rate of 15%.
He exuded confidence that the collection will improve in the second half of the current fiscal.
Noting that India is the low tax country, Chidambaram said there is need to improve tax to GDP ratio to 12%.
Tax to GDP ratio has come down to 10.1% from 11.9% in 2007-08.