Millennium Post
Business

April-Oct indirect tax collection rises 5.3%

Excise collection during the April-October period was Rs 89,600 crore, while realisation from customs stood at Rs 98,000 crore, an official said.

Service tax collection, which has become a new focus area for revenue officials, stood at Rs 81,500 crore during the period. In October, total indirect tax collection was Rs 42,520 crore, up 7.5 per cent from the same month last year.

Government has set indirect tax collection target of Rs 5.65 lakh crore for 2013-14, up from Rs 4.73 lakh crore in the last fiscal.

Meanwhile, Finance Ministry on Wednesday assured India Inc that it will improve the efficiency of the tax administration and ensure that only whatever is due is collected from the industry.

‘As per law, we will go for revenue, but what is due, we will do as per rules... Please trust us. Ultimately we need to trust you, you need to trust us. Without trust, nothing can move on,’ Revenue Secretary Sumit Bose said at a CII event. He said more and more number of assessees are now electronically filing their returns.

‘The number of e-filed returns have increased from 3.62 lakh in 2006-07 to 2.14 crore in 2012-13,’ he said.

So far in the current year 1.91 crore returns have been e-filed, which is 43 per cent more than the returns e-filed last year.

‘We have been sending out letters (to assesses). They have generated great deal of fresh filing of return and also more taxes,’ Bose said.

The way forward in the reform of the tax regime was to streamline the tax administration, while following a consultative and collaborative approach with the various stakeholders, he said.

The government is committed to bring in efficient tax administration and an industry-friendly tax structure, Bose said.

‘The various initiatives taken by the government and the RBI in the last one and a half years to help the economy navigate through the present difficult situation,’ he said.

Highlighting the importance of the clarity and stability in the tax regime for inspiring investor confidence, Central Board of Direct Taxes Chairperson Sudha Sharma said the ministry has taken various steps for establishing a non- intrusive, non-interfering and assessee-friendly tax system.
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