Extra efforts required to sustain Indirect Tax targets

Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal.

The Minister, while addressing the annual conference of chief commissioners and directors general of Central Board of Excise and Customs (CBEC) here, also called upon the tax officials to work towards reducing the tax litigations.

Noting that doubts were being raised over growth projection of 9 per cent for the current fiscal, Mukherjee said, it would be possible to achieve a growth rate of 8.75 per cent (plus-minus 0.25 per cent) with “hard work”.

To realise indirect tax collection of Rs 3.92 lakh crore in 2011-12, the Minister said, “you (tax officials) would need a growth of nearly 15 per cent.

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