"Finance Minister today met senior officials of revenue department to review tax collections," a senior finance ministry official said. Both direct and indirect tax collections are below the desired rate.
Gross direct tax collections rose 12.33 percent to Rs 4.81 lakh crore during the first nine months of this financial year against a growth target of 19 percent for 2013-14 . The government has set a direct tax collection target of over Rs 6.68 lakh crore.
Indirect tax collections grew by 5 percent to Rs 3.07 lakh crore in the April-November period. Indirect tax estimates may have to be revised downwards by about Rs 30,000-35,000 crore from the budget estimate of Rs 5.65 lakh crore.
Excise collections dropped 5.1 percent in April-November to about Rs 1.03 lakh crore from Rs 1.09 lakh crore, while customs revenue rose 7 percent to Rs 1.11 lakh crore.
Only service tax managed double-digit growth, of 16 percent , to Rs 92,095 crore during the April-November period. Chidambaram, who unveiled a new fiscal consolidation road map in October 2012, is determined not to allow any slippage
in the fiscal deficit target of 4.8 percent of GDP for 2013-14.
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