Government to exceed revenue target
Revenue secretary Sunil Mitra told TOI that going by the buoyancy in tax collection, total revenue collection in current fiscal year would exceed the government's budgetary target .
By Udit Prasanna Mukherji & Partha Sinha, TNN |
KOLKATA/MUMBAI: Despite partial withdrawal of stimulus , the economy is in the pink of health. Revenue secretary Sunil Mitra told TOI that going by the buoyancy in tax collection, total revenue collection in current fiscal year would exceed the government's budgetary target .
“We expect to exceed the revenue target modestly in this fiscal,” he said. Mitra pointed out that the high growth in revenue collection is triggered by exceptional growth on indirect tax front, led by customs duty. “The robust growth in collection is continuing even in October,” he added.
It may be noted that the revenue collection generally gathers steam in the second half of the financial year. Mitra is hopeful that the targeted fiscal deficit of 5.5% for 2010-11 can be met with ease. “We are returning to the path of fiscal consolidation. The targeted fiscal deficit will be met. Besides tax, there will be huge additional revenue from 3G auctions and disinvestment,'' Mitra said. “As of now, collection is encouraging in both these fronts,” he added.
According to Mitra, indirect tax collection in the first half has witnessed a massive 44% growth till October. The growth in direct tax front was 20%.
“We expect to exceed the revenue target modestly in this fiscal,” he said. Mitra pointed out that the high growth in revenue collection is triggered by exceptional growth on indirect tax front, led by customs duty. “The robust growth in collection is continuing even in October,” he added.
It may be noted that the revenue collection generally gathers steam in the second half of the financial year. Mitra is hopeful that the targeted fiscal deficit of 5.5% for 2010-11 can be met with ease. “We are returning to the path of fiscal consolidation. The targeted fiscal deficit will be met. Besides tax, there will be huge additional revenue from 3G auctions and disinvestment,'' Mitra said. “As of now, collection is encouraging in both these fronts,” he added.
According to Mitra, indirect tax collection in the first half has witnessed a massive 44% growth till October. The growth in direct tax front was 20%.
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