Indirect taxes to increase further this year
Govt's indirect taxes collection is likely to swell further this year on account of good collection in Customs and Service taxes.
By PTI |
MUMBAI: The Government's indirect taxes collection is likely to swell further this year on account of good collection in Customs and Service taxes, a top government official said.
"Indirect taxes collection in the first three months of the year has been very good, both on account of customs and service tax. Based on the trends, we expect the remaining part of the year to fetch us an equally good revenue," Central Board of Excise and Customs (CBEC) Chairman P C Jha said on Saturday.
The major chunk of this collection is expected from customs, Rs 1,18,930-crore, followed by Central Excise which is likely to account for Rs 1,36,610 crore. A further Rs 64,460 crore is expected from service tax, he said.
Of the total projected indirect tax collection of Rs 3,20,000-crore, "We are hoping to mop up Rs 84,890 crore from Mumbai alone," he said.
Jha said, the Department was trying to improve efficiencies so that tax evasion was kept to the minimum.
"The tax system is based on suspicion-we are trying to tackle the problem and now we assume that it is going to be based on trust," he said.
The Government was presently in the process of re-christening the CBCE in view of the service tax also being included in its jurisdiction, he said.
"Indirect taxes collection in the first three months of the year has been very good, both on account of customs and service tax. Based on the trends, we expect the remaining part of the year to fetch us an equally good revenue," Central Board of Excise and Customs (CBEC) Chairman P C Jha said on Saturday.
The major chunk of this collection is expected from customs, Rs 1,18,930-crore, followed by Central Excise which is likely to account for Rs 1,36,610 crore. A further Rs 64,460 crore is expected from service tax, he said.
Of the total projected indirect tax collection of Rs 3,20,000-crore, "We are hoping to mop up Rs 84,890 crore from Mumbai alone," he said.
Jha said, the Department was trying to improve efficiencies so that tax evasion was kept to the minimum.
"The tax system is based on suspicion-we are trying to tackle the problem and now we assume that it is going to be based on trust," he said.
The Government was presently in the process of re-christening the CBCE in view of the service tax also being included in its jurisdiction, he said.
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