Beware the Ides of March - Indirect Taxes Revenue far below target
INDIRECT Tax assessees of the Country will be the TARGET for overanxious Revenue officers in the next 75 days, for they are far below the target of the Finance Minister. While the Finance Minister told the Parliament that he hoped to collect around 6.23 lakh crores, so far in the first 9 months, the collection is 3.77 lakh crores which is about 60%. The collection should have been about 75%. Of course the Department will make it up by hook or crook - by inflating collections or collecting next year's revenue this year.
Indirect Tax Collections up to December 2014
Tax Head | Collections | Budget Estimate | % of B.E achieved |
|---|---|---|---|
Customs | 138529 | 201819 | 68.6 |
Central Excise | 119719 | 205452 | 58.3 |
Service Tax | 119400 | 215973 | 55.3 |
Total | 377648 | 623244 | 60.6 |
They have to collect about 2.5 lakh crores in the next 75 days.