"Finance Minister on Monday met senior officials of revenue department to review tax collections," a senior finance ministry official said. (Agencies)
Both direct and indirect tax collections are below the desired rate. Gross direct tax collections rose 12.33 per cent to Rs 4.81 lakh crore during the first nine months of this financial year against a growth target of 19 per cent for 2013-14. The government has set a direct tax collection target of over Rs 6.68 lakh crore.
Indirect tax collections grew by 5 percent to Rs 3.07 lakh crore in the April-November period. Indirect tax estimates may have to be revised downwards by about Rs 30,000-35,000 crore from the budget estimate of Rs 5.65 lakh crore.
Excise collections dropped 5.1 percent in April-November to about Rs 1.03 lakh crore from Rs 1.09 lakh crore, while customs revenue rose 7 per cent to Rs 1.11 lakh crore.
Only service tax managed double-digit growth, of 16 percent, to Rs 92,095 crore during the April-November period.
Chidambaram, who unveiled a new fiscal consolidation road map in October 2012, is determined not to allow any slippage in the fiscal deficit target of 4.8 percent of GDP for 2013-14.
Direct tax collection up 12.33 percent in April-December at Rs 4.81 lakh crore
Amid a slowing economy, gross direct tax collections rose 12.33 percent to Rs 4.81 lakh crore during the first nine months of this financial year.
Direct tax collections totalled Rs 4.29 lakh crore during the April-December period in 2012-13. Net direct tax collections rose 12.53 percent to Rs 4.15 lakh crore during the period this year, compared with Rs 3.69 lakh crore in the year-ago period, the Finance Ministry said in a statement on Monday.
The government had set a direct tax collection target of over Rs 6.68 lakh crore for 2013-14, envisaging a growth of 19 percent from Rs 5.65 lakh crore in 2012-13.
The gross collection of corporate taxes increased 9.35 percent to Rs 3.1 lakh crore from Rs 2.84 lakh crore, the Finance Ministry said.
Gross collection of personal income tax was up 18.53 percent to Rs 1.67 lakh crore in the first nine months from Rs 1.41 lakh crore.
Securities Transaction Tax mop-up stood at Rs 3,427 crore. Wealth tax collection posted a growth of 11.92 percent to Rs 742 crore from Rs 663 crore.
"Finance Minister on Monday met senior officials of revenue department to review tax collections," a senior finance ministry official said.