Finance minister Arun Jaitley on Monday told the top brass of the Central Board of Excise and Customs (CBEC) that the 18.8% growth rate set for collections from excise, customs and service tax this fiscal was achievable, going by the robust trend in April-July tax receipts.
At a two-day conference beginning on Monday, chief commissioners and directors general of excise and customs finalised a strategy to achieve the Rs 6.46 lakh crore target for the year by promptly finalising pending investigations, completing adjudication proceedings in specific tax disputes and by taking other arrears-recovery measures. There are about 500 disputes pending at the department level in Mumbai and Delhi alone, involving about
Rs 38,000 crore.
In the first four months of the fiscal, indirect tax revenue collections grew an impressive 37.6% to Rs 2.1 lakh crore.
Jaitley said even after discounting for additional revenue raising measures taken, indirect tax collections improved by 14.6% in April-July, indicating the target was realistic. “Our fiscal deficit figure (is) under control. Inflation is under control. We stand by the growth projections which we made at the beginning of the year and indirect taxation data actually supplements the idea of those projections,” he told the officers.