P Chidambaram exuded confidence that 'ambitious' revised target of Rs2,29,272 crore for the direct tax collections during 2006-07 fiscal would be achieved.
NEW DELHI: Finance Minister P Chidambaram on Tuesday exuded confidence that 'ambitious' revised target of Rs2,29,272 crore for the direct tax collections during 2006-07 fiscal would be achieved.
"For the last year, revised estimates (for direct tax collections) fixed an ambitious target of over Rs2,29,000 crore. I am confident that when the final data comes, we would achieve the target," Chidambaram said while launching the video conference facility of the Income Tax Department.
As per the latest figure, Rs2,23,797.1 crore was collected, comprising Rs1,41,915.4 crore of corporate tax, Rs71,011.4 crore of personal income tax, Rs5,331.7 crore of fringe benefit tax, Rs4,729.5 crore of securities transaction tax and Rs505.4 crore of banking cash transaction tax.
The actual figures are expected to arrive any day this month.
Delhi, which is the second largest contributor of direct taxes after Mumbai has so far collected Rs1,000 crore short of the revised target of Rs38,646 crore, according to a tax official. He said almost 98-99 per cent of the target would be achieved.
Other tax officials of different circles in the country were confident that the revised targets would either be met or surpassed.
For the current fiscal, the target of Rs2,67,000 crore has been fixed for direct tax collections.
"All this can be achieved and more could be achieved, if we have faith in technology and keep communications channels open, constantly upgrading the quality of information with the department and sharing such information with all field formations," the Finance Minister said.
The video conference facility connects the North Block to the 46 cities, headed by chief commissioners of income tax and director general of National Academy of Direct Taxes.
Direct taxes are the taxes of future, Chidambaram said, adding that in a growing economy, more taxes should be direct taxes.
"Therefore, role of the Central Board of Direct Taxes and Income Tax Department will become more and more important.
In the growing economy, more and more people will need to pay taxes--both individuals and corporates," he said.
In this concern, the quality of information provided by the Income Tax Department becomes important, he said.
In the last three years, a number of steps have been taken to make this department more efficient, more responsive and more responsible.
The measures include a project of complete computerisation of the department, provision of additional manpower and vehicles, a proposal to set up centralised processing centres at Delhi, Chennai and Bangalore, making e-filing mandatory for more assesses, using information on AIRs and implementation of tax preparers scheme, the Finance Minister said.
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