Exceed direct tax collection target: FinMin to taxmen

The Finance Ministry today asked tax collectors to take all necessary steps to exceed the direct tax collection target of Rs 4.3 lakh crore for the current fiscal.

"We have to achieve a budget collection target of Rs 4.30 lakh crore... I shall urge all of you to take all necessary steps for not only realising, but exceeding the budget estimate (BE)," Minister of State for Finance (Revenue) S S Palanimanickam said while speaking at the Annual Conference of Chief Commissioners and Directors General of Income Tax.

The government had raised the target for direct tax collection in the last fiscal by Rs 30,000 crore from Rs 3.70 lakh crore to Rs 4 lakh crore. However, it was later revised downward to Rs 3.87 lakh crore.

For the current fiscal, the direct tax collection target was fixed at Rs 4.30 lakh crore, a growth of 13.7 per cent.

Yesterday, Finance Minister Pranab Mukherjee asked Income Tax officials to monitor fast expanding sectors to check tax evasion in order to give the exchequer a "little" more than the budget estimates.

Palanimanickam further said there is a need to review the existing tax payment system to bring in uniformity among all tax-payers.

"There is a need to review and revamp the existing TDS administration in order to iron out these irritants. It is important that taxpayers receive uniform treatment of their cases in any part of the country," Palanimanickam said.

He said the department should ensure uniformity of approach and transparency in functioning and put in place a mechanism to disseminate information on all orders and judgments.