Thursday, February 11, 2016
The Indian Government has said that it will achieve the tax revenue target for the current year with larger-than- budgeted indirect tax collections making up for a possible shortfall in direct taxes. As per reports, after two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, “We are likely to exceed the collection in Indirect Tax by about Rs 40,000 crore in the current year. On the whole, we are optimistic of close to 100 per cent achievement of overall tax revenue target of the year." “The tax collections between April-January show an increase of 33 per cent in Indirect Tax and 10.9 per cent in Direct Tax. Both put together, we have achieved 73.5 per cent of BE target," he added. Last fiscal, the Government had targeted Rs 13.64 lakh crore in tax revenues but at the end of the year it was revised downwards to Rs 12.51 lakh crore.