Millennium Post

Direct tax to touch 12% of GDP: Pranab

Finance Minister Pranab Mukherjee on Sunday said the share of direct tax in the overall tax basket has increased considerably and would reach 12 per cent of the country's GDP soon.

'The share of direct tax in the overall tax basket of the country has increased considerably,' Mukherjee said at a function at Income Tax Office Building at Bamboo Villa here.

'Soon it will be 12 per cent of our GDP at constant price and not current price. The target for direct tax collection in 2012-13 has been set at Rs 5.7 lakh crore,' he said.

Stating that 'the entire fiscal system depends on the efficiency of our tax system,' he expressed hope that the Income Tax department will meet the challenge.

Inaugurating an 'Aaykar Seva Kendra' at Bamboo Villa, he said, 'I hope the department will come up to the expectations of the people whom we serve.'

Mukherjee said that while one such seva kendra has already been inaugurated at Chinsurah in Hooghly district. A new seva kendra would soon be opened at Jalpaiguri to serve the people of North Bengal, Mukherjee said.
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