Jun 04, 2012, 05.56 PM IST | Source: CNBC-TV18

Pranab confident of meeting indirect tax collection target

Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee today exuded confidence that they will be able to meet indirect tax collection target of Rs 5.05 lakh crore for 2012-13.

Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee today exuded confidence that they will be able to meet indirect tax collection target of Rs 5.05 lakh crore for 2012-13.

"They have done good job last year. This year also, I do hope it would be possible for them to do their job and realise the revenue target which has been fixed for them," he told reporters after addressing senior officials of the Central Board of Excise and Customs (CBEC).

The government aims at generating about Rs 5.05 lakh crore from central excise, customs and service tax.

The indirect tax mop-up in 2011-12 at Rs 3,92,781 crore was 99.6% of the Budget Estimate.

In 2011-12, the government had revised the indirect tax collection target upward after reduction in customs and excise duties on petroleum products following hike in diesel, kerosene and LPG prices in June, 2011.

In April, 2012, the indirect tax collection was Rs 33,045 crore, up 10.4% year-on-year.

CBEC Chairman S K Goel said figures for May would be available in the next 3-4 days.

"We are going to make all the efforts required to achieve the target given for this fiscal," he added.

Earlier speaking at the 27th Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax, Mukherjee told officials that resource mobilisation was very important and targets could be achieved by making efforts.

Expressing concerns over revenue locked up in litigations, he asked the CBEC officials to make efforts to unlock the funds.

Also watch the accompanying video.

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