NEW DELHI: The government of India is likely to miss revised indirect tax revenue target by about Rs 17,648 crore in the 2013-14 fiscal year due to economic slowdown, a senior official has said.
“Provisional indirect tax collections show that the department will miss revised estimate of indirect tax collection target by about Rs 17,648 crore,” Central Board of Excise and Customs (CBEC) chairperson JM Shanti Sundaram told CNBC-TV18.
“I think reasons are also there. The growth in manufacturing sector and other sectors have not been good. That has already been in papers so inspite of that we have done the best we could do,” she added.
As per revised estimate, during 2013-14, the government had proposed to collect Rs 5,19,770 crore.
As per the Budget Estimate, it was Rs 5,65,252 crore.
On Parthasarathi Shome headed Tax Administration Reform Commission (TARC) proposal of amalgamation of Direct Tax and Indirect Tax Departments, Sundaram said: “Any suggestion by TARC, which would impact the structure of the collecting agencies, the two departments (CBDT and CBEC), I think, are need to be viewed with little care and would in fact I think would be beyond the mandate of TARC itself.”
TARC set up by the Finance Ministry to suggest measures to prevent economic offences among other things is looking into amalgamation of Direct Tax and Indirect Tax Departments.
The TARC was given the tenure of 18 months time to give its final report which will go to the next government for follow up action.It is likely submit its first report by May end. —PTI