NEW DELHI: After missing the target in the last financial year, the government said that tax collection during the current fiscal would exceed the budget estimate of 13.64 trillion.
“Credibility of the income tax department is its greatest asset, that’s why the highest standards of ethics are expected from officers of the department,” the Press Information Bureau said in a tweet. The government estimates to garner 13.64 trillion from both direct and indirect tax collection during the current fiscal.
During 2013-14, tax collection fell short of target by a whopping 77,000 crore. The government collected 11.58 trillion against the budget estimate of 12.35 trillion. There are doubts about the meeting of the indirect tax collection target for the current fiscal as there is a slowdown in the economy.
On the income tax front, however, there is a possibility of surpassing the target. Last week, revenue secretary Shaktikanta Das had said that the government would be able to achieve the direct tax collection target but the real challenge is with regards to indirect taxes.
“It is a challenge, there is no doubt about that, but with a number of steps taken by the government to revive the economy, particularly manufacturing, reviving investment sentiment... we expect manufacturing sector, the entire industrial sector to get back in buoyant note than previous year,” he said.