The indirect tax collection target of Rs 3.93 lakh crore will be met in the current fiscal despite moderation in economic growth, Finance Minister Pranab Mukherjee said today.
"I am confident that the department (Central Board of Excise and Customs) would not spare any effort in meeting the indirect tax collection target. In fact, already indications are there," Mukherjee said while speaking at a ceremony to hand over Presidential Awards to custom and excise officials.
He said that despite challenges on the fiscal front, indirect tax collections have been good this fiscal so far.
"As we approach the end of current fiscal year, there are certain fiscal challenges that have to be addressed. The indirect tax collection figure up to January 2012 indicates that there has been some gains over the last year," Mukherjee said.
Total collection of indirect taxes in the first 10 months of the current fiscal was Rs 3.17 lakh crore against Rs 2.75 lakh crore in the April-January period of last fiscal, an increase of 15 per cent.
The government has fixed a target of Rs 3.93 lakh crore for indirect tax collection during 2011-12.
As per Advanced Estimates, the economy is expected to grow at 6.9 per cent in the current fiscal, lower from 8.4 per cent in the previous year.
Highlighting the importance of Goods and Services Tax (GST), the Finance Minister said, "once implemented GST will bring about a paradigm shift in the arena of the indirect tax system of the country."
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