Minister of State for Finance Shripad Naik on Thursday exuded confidence that the overall tax collection would exceed the budget target of Rs 2,41,460 crore (Rs 2,414.60 billion) this fiscal.
"We expect that the tax collection will not only be on target but exceed it," Naik told PTI, pointing to the robust growth in direct and indirect tax collections to Rs 1,29,947 crore (Rs 1,299.47 billion) till November 2003.
Till October this fiscal, the tax collection was at Rs 1,14,412 crore (Rs 1,144.12 billion).
Although the government has targeted 16 per cent growth in tax collection at about Rs 2,41,460 crore (Rs 2,414.60 billion) during 2003-04, official sources put the actual collection at about Rs 2,50,000 crore (Rs 2,500 billion) after taking into account the robust growth in services tax.
The direct taxes grew by near 18 per cent to Rs 42,617 crore (Rs 426.17 billion), while indirect tax was up by about 9 per cent to Rs 87,330 crore (Rs 873.30 billion) during April-November this year.
The income tax mop up rose by over 7 per cent to Rs 20,586 crore (Rs 205.86 billion), while corporation tax mop up rose by a whopping 31 per cent to Rs 21,952 crore (Rs 219.52 billion) in April-November this year.
The growth in direct tax was despite a hefty refund of Rs 19,554 crore (Rs 195.54 billion) till November 2003.
On the indirect tax front, customs collections went up by over 8 per cent to Rs 32,050 crore (Rs 320.50 billion) till November while excise was up by 9 per cent at Rs 55,280 crore (Rs 552.80 billion).
Asked about the proposed tax information network, Naik said, "It will be ready by March 2004." The finance ministry has mandated National Securities and Depositories Ltd to make TIN fully operational from April 2004.
