FinMin to tighten the noose on big spenders as revenues falter
While on the indirect tax side, collections are projected to fall short of the budgeted target of Rs 5.05 lakh crore, the direct tax target of Rs 5.70 lakh crore, too, seems out of reach. The Vijay Kelkar committee on fiscal consolidation has said that tax collection, this year, are likely to fall short by Rs 60,000 crore.
The direct tax collection during April-October stood at Rs 3.02 lakh crore, showing an increase of 6.59 per cent as against the annual growth target of 15 per cent. On the disinvestment front, the government has been able to sell stakes only in Hindustan Copper to mop up only Rs 808 crore. The budgeted target of Rs 30,000 crore looks like a tall order in the present scenario.
Under I-T scanner
16,00,746 individuals made payments of Rs 2 lakh or more against their credit cards
11,91,037 individuals decided to purchase or sell property worth Rs 30 lakh or more
52,42,114 individuals bought MFs of Rs 2 lakh or more; bonds/debentures of Rs 5 lakh and above; shares of Rs 1 lakh and above and bonds issued by RBI of Rs 5 lakh and above.
33,83,276 individuals made cash deposits of Rs 10 lakh and above in savings bank account