Tax revenue swells to Rs 4 lakh cr

New Delhi, Apr 28 | Updated: Apr 29 2007, 05:30am hrs
The government has exceeded its tax collection target to reach Rs 4,70,077 crore for 2006-07, against the revised estimate (RE) of Rs 4,65,209 crore. Direct tax collections reached the Rs 2,29,181 crore-mark, compared to the RE of Rs 2,29,007 crore.

Personal income tax, including fringe benefit tax, securities transaction tax and banking cash transaction tax, touched Rs 85,620 crorean excess of Rs 3,110 crore.

Indirect taxes collections too are on a high and exceeded the RE of Rs 2,36,202 crore to stand at Rs 2,40,896 crore for the last fiscal. While customs duty collection touched Rs 86,294 crore, central excise collections stood at Rs 1,17,250 crore. But service tax collections missed their RE and stood at Rs 37,352 crore.

Meanwhile, the finance ministry is planning to introduce simpler income tax return forms. It has decided to introduce eight return forms called the income tax return formsfor the assessment year 2007-08, to replace the earlier series.

Unveiling the forms, finance minister P Chidambaram said, There was nothing saral about the earlier form. We hope this one will be more tax payer friendly and easy to fill.

Form 2Ffor individual taxpayershas given way to ITR-1. The cash flow statement too has been removed. Only the information with regard to transactions that are reported through the annual information returns will have to be furnished in the new form.

In fact, seven of the forms are now without annexures. The forms have been made annexure less to encourage electronic filing of returns, the finance minister said.