Government achieves tax target, additional 50 lakh people file I-T returns, says Chidambaram

NEW DELHI: Finance Minister P Chidambaram on Saturday said that sending letters to Income Tax defaulters was yielding results. He said that additional 50 lakh people have filed their returns. Addressing a press conference Chidambaram said that stern action will be taken in case of tax evasion.

He said that Rs 10,38,037 crore tax target for 2012-13 has been achieved.

Speaking on the Vodafone tax issue, Chidambaram said the government will come out with amendments to Income Tax Act once the tax dispute with the telecom firm is resolved.

Finance Minister reiterated that there will be no early election and the government will carry on with the reform process initiated last year.

Answering a query on the economy, Chidambaram said, "Current Account Deficit number for 2012-13 will be at tolerable level." He said that fiscal deficit will be better than 5.2% for 2012-13.

Chidambaram said that Direct Benefit Transfer (DBT) rollout all over the country would likely be completed by end of 2013-14. "We want to quickly move LPG subsidy on DBT," said Chidambaram.

Speaking on India's GDP, Chidambaram said the country will grow by a little over 6 per cent in 2013-14.

He said that revenue growth of 16.7 per cent was commendable and targets would be achieved.

Replying to a question on sugar pricing decontrol, Chidambaram said that it was a major step that would benefit farmers and industry. However, the annual subsidy bill would go up by Rs 2,500-2,600 crore as a result of sugar sector decontrol.