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The government has met its revised tax collection target for 2012-13 and may even exceed the estimates because of better-than-expected indirect tax collections.
"I am happy to report that we have exceeded the target for indirect taxes. We are close to the target for direct taxes. So, combining (direct and indirect tax collections) we have certainly met the revised estimates. From the revenue side we have done our bit for fiscal consolidation," Sumit Bose, revenue secretary at the ministry of finance, said in a seminar organised by the Bengal Chamber of Commerce and Industry here today.
"The final numbers for direct taxes will be known only after April 20. So, by how much we will exceed, will only be clear after April 20," he added.
For 2012-13, the government had revised its direct tax collections target to Rs 5.65 lakh crore from budget estimates of Rs 5.70 lakh crore. Direct taxes mainly comprise of corporate tax and income tax.
The target for indirect taxes was revised to Rs 4.69 lakh crore from budget estimates of Rs 5.05 lakh crore. Indirect taxes primarily include customs, central excise and service tax.
Bose said the fiscal deficit target for 2012-13 of 5.2% of the gross domestic product (GDP) has also been achieved. He added that steps are being taken to widen the tax base to meet the higher tax collection target for the current financial year.
For 2013-14, budget estimates for direct taxes and indirect taxes are Rs 6.68 lakh crore and Rs 5.65 lakh crore, respectively.
Bose said the income tax department has sent letters to tax payers to enquire if they have filed their tax returns. He claimed that those letters have resulted in increasing the number of tax returns filed during 2012-13.
The number of tax returns filed in 2012-13 was estimated around 2.15 crore compared to 1.64 crore a year ago. On March 31, 2013 as many as 7.5 lakh tax returns were filed, Bose said.
He also said the government was trying its best to implement the Goods and Services Tax (GST) as early as possible. "I wish GST was implemented yesterday. The gains are enormous. We are looking for an early implementation of GST. I cannot say when it will happen but GST is a must for the country," Bose said.
