FM wants CBDT to collect Rs. 4 Lakh Crores
FINANCE Minister Pranab Da wants the CBDT to collect the revised targeted tax of Rs. 4 Lakh Crores. Hardly two states in India have budgets of over one Lakh rupees and one Department in the centre, the CBDT is all set to collect four times that amount!.
THE FM has suggested that the field formations may consider taking steps which include identification of new areas for tax collection; in-depth scrutiny of cross-border transactions; regular interactions with the Central Government and other State Government Departments who are responsible for deduction of TDS; monitoring of TDS at the district level where the massive social expenditure and infrastructure expenditure are incurred by the Government; and regular sharing of information amongst the Commissionerates to develop a common data base of new areas explored by each Commissionerate for collection of TDS.
THE Finance Minister said that the Indian economy in the aftermath of global financial crisis has started moving in the right direction due to sustained fiscal stimulus provided by the Government in three phases. He expressed his confidence that during this fiscal year a growth rate of more than 7.75% is achievable. It is due to high growth rate of Indian economy and higher quantum of revenue collection, this Government could think of taking bold initiatives like debt relief to the farmers amounting to Rs. 71,000 Crores and also massive expenditure on social and infrastructure projects.