FinMin to discuss ways to augment indirect tax collection

Senior Finance Ministry officials will deliberate on ways to ensure effective administration of indirect tax regime, including augmentation of its collection, during a two-day conference beginning on Wednesday.

The 28th annual conference of Chief Commissioners and Director Generals working under Central Board of Excise and Customs (CBEC) will be inaugurated by Finance Minister P Chidambaram.

The two-day conference will deliberate on the contemporary issues related to administration of indirect tax including customs, central excise and service tax, officials said.

Besides the matter related to implementation of the first-of-its-kind amnesty scheme, being implemented by the Finance Ministry, for service tax defaulters will also be discussed during the meet, they said.

The Voluntary Compliance Encouragement Scheme (VCES), which was introduced by Chidambaram while presenting budget for 2013-14, came into force from May 10. It allows a service tax defaulter to pay his or her due without any penalty or late payment charges till December this year.

The Finance Ministry has fixed the target of indirect tax collection, comprising customs, excise and service tax, at Rs 5.65 lakh crore for 2013-14.

The Ministry had collected Rs 4.73 lakh crore as indirect taxes during 2012-13, according to the latest data put up on Department of Revenue's website.

CBEC Chairman Praveen Mahajan, members and senior officials of the board and Finance Ministry are likely to attend the meet.