Kolkata: Finance Minister Pranab Mukerjee on Saturday asked the CBDT and the CBEC to increase tax collection targets by 10 per cent for the current fiscal.

After a meeting with the CBDT and CBEC officials here, Mukherjee told reporters the tax collection targets would have to be raised by 10 per cent.

While the indirect tax collection target for the current fiscal was Rs 3.96 lakh crore that of direct tax was Rs 5.30 lakh crore.

The Finance Minister said the reason for raising the targets was demand on the exchequer and to meet subsidies.

Chairmen of CBDT and CBEC and other officials of the direct and indirect tax departments, along with the Revenue Secretary, were present at the meeting.