Tax targets revised upwards: Pranab

January 23rd, 2011 - 10:56 pm ICT by IANS  

Pranab Mukherjee Chennai, Jan 23 (IANS) The government has decided to increase the targets for direct and indirect tax collections for this financial year (2010-11), Finance Minister Pranab Mukherjee said Sunday.Speaking at the review meeting of the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC), Mukherjee said: “The direct tax collection target is to be increased to four percent and indirect tax collection target to six percent.”

He also urged the tax officials to focus on increasing the service tax collections as the revenue under the head is not commensurate with the growth recorded by the sector.

Assuring the officials that Goods and Services Tax (GST) will be rolled out after resolving the hurdles, Mukherjee said a high rate of economic growth makes it necessary to have a GST regime.

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