Shortfall in Revenue Targets - Beware Ides of March
THE CBEC Chairman in a letter to the Chief Commissioners reminds them that while the Department has been entrusted with a challenging task of collecting Rs. 6,23,244 crore at a growth of about 25.8%, the actual collection of Rs. 3,77,648 crore upto December, 2014 is far from satisfactory.
It seems an assurance was given to the Finance Minister during the Conferences held in September and November, 2014 that the Department would not leave any stone unturned to achieve the target or at least narrow the gap as much as possible.
Many stones indeed need to turn.
The Chairman informs the Chief Commissioners that tax collections are also being closely monitored by the Prime Minister who has desired that all out efforts should be made to achieve the Budget Estimates.
The Chairman wants the officers to share the Board's urgency in augmenting revenue.
He has urged the Chief Commissioners to ensure that all taxes due to the Central Government are collected in a fair, judicious and non-adversarial manner.
The Chairman concludes,
You are advised to conduct a detailed analysis of overall revenue growth upto December, 2014 as compared to previous year, reasons for shortfall/ gain, if any, along with sectoral analysis (major commodities/Services and importers/assessees/taxpayers), projections from various ARM measures and projections for the current FY. In order to facilitate a structured discussion during the review meetings, a monthly report for the period December, 2014 to March, 2015 in the format enclosed may be sent by email to commrcoord-cbec@nic.in by the 15'" of each month for the remaining months of the current financial year. The report in respect of December, 2014 may be sent by 05.2.2015 positively .
Be as far away from taxmen as possible in the next two months.
CBEC Chairman's D.O. Letter F. No.296/219/2014-CX.9, Dated: February 02, 2015.