New Delhi: "Unprecedented" direct taxes collection of Rs 7.90 lakh crore in the current fiscal has "greatly strengthened" the nation’s efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.

"There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs 7,45,000 crore that we revised to Rs 7,82,000 crore, the total collections stand at nearly Rs 7,90,000 crore," Mukherjee said in a commendation letter to CBDT Chairman Sudhir Chandra on Wednesday.

"This has greatly strengthened our efforts for the fiscal consolidation that is a key imperative for growth of our country's economy and the socio-economic developments of its people," he added.

The Finance Minister, while calling the performance of the I-T department "magnificent", also asked Chandra to convey his "commendation" to all the officers and staff of the department across the country who are responsible for tax collection under the direct taxes category.

"At the beginning of the year, we set a target of direct tax collections of Rs 4,30,000 crore. I have noted with great pleasure that our 'Aaykar Parivar' has succeeded in meeting the revised target of Rs 4,46,000 crore and that too after issuing a record number of around 85 lakh refunds, totaling around Rs 74,000 crore during the year.

"The refunds and other taxpayer-friendly initiatives taken by CBDT are important milestones in good governance that encourage voluntary tax compliance," the Finance Minister said in his letter.

 

(Agencies)