Extra efforts needed to achieve tax targets: Pranab
Sustained and strategic efforts are needed to achieve the challenging targets of tax collection during the current financial year, finance minister Pranab Mukherjee said here on Wednesday.
Mukherjee asked the officers of the Central Board of Excise and Customs to “make sustained and strategic efforts throughout the year” to meet the challenging revenue target of 3,92,908 crores for indirect taxes in 2011-12. Addressing the annual conference of chief commissioners and directors general of the Central Board of Excise and Customs, the minister stressed the need for reducing tax related litigation.
Avoidable litigation with taxpayers have been continuously growing over the years. “This is not a healthy trend and requires introspection especially about routine filing of appeals,” said Mukherjee after inaugurating the two-day conference. He said the government has accepted the recommendations of a committee that suggests monetary limits for filing of appeals before the various appellate forums. “The recommendations have been accepted and it is likely to reduce future litigation with taxpayers by around 20-25 per cent,” he said.
On proposed financial sector reforms, Mukherjee said the Reserve Bank of India was in the process to issue additional banking licences to private sector players. “Discussions are underway to further liberalise the foreign direct investment (FDI) policy. Major steps are being taken to simplify and place the administrative procedures concerning taxation, trade and tariff and social transfers on electronic interface, free of discretion and bureaucratic delays,” he said.
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