CBDT asks officials to monitor tax collections, take measures to achieve budget target
NEW DELHI: The income tax department has asked its officials to monitor tax collections on a weekly basis, pointing to lower rate of growth in collections than budgeted.
In a letter sent on Tuesday, the chairman of the Central Board of Direct Taxes, Sushil Chandra, asked principal chief commissioners of income tax to take measures to achieve the budget target.
“On review of the position of budget collections as on March 4, 2017, it is noted that as against the target growth rate of above 14%, the current rate of growth of net collections is only 10.6%, which does not augur well for achievement of the budget target in this year,” the letter says. Combined corporate, income tax collections are budgeted at Rs 8.47 lakh crore in FY17.
The letter urges the commissioners to “personally review and monitor the position of collections through advance tax, TDS and recovery from arrear and current demand” on a weekly basis.
The letter says the budget target needs to be achieved. “It may be reiterated that the achievement of revenue target is sacrosanct and the single most parameter for evaluating the performance of department and, accordingly, no efforts must be spared to achieve the same,” the letter says.
In the revised estimates for FY17, presented along with the budget for FY18, the government has retained its direct tax estimate as budgeted. The estimate of indirect taxes has been raised.
Revised estimates show gross tax revenues at Rs 17 lakh crore in FY17, compared with the budgeted figure of Rs 16.3 lakh crore.
In a letter sent on Tuesday, the chairman of the Central Board of Direct Taxes, Sushil Chandra, asked principal chief commissioners of income tax to take measures to achieve the budget target.
“On review of the position of budget collections as on March 4, 2017, it is noted that as against the target growth rate of above 14%, the current rate of growth of net collections is only 10.6%, which does not augur well for achievement of the budget target in this year,” the letter says. Combined corporate, income tax collections are budgeted at Rs 8.47 lakh crore in FY17.
The letter urges the commissioners to “personally review and monitor the position of collections through advance tax, TDS and recovery from arrear and current demand” on a weekly basis.
The letter says the budget target needs to be achieved. “It may be reiterated that the achievement of revenue target is sacrosanct and the single most parameter for evaluating the performance of department and, accordingly, no efforts must be spared to achieve the same,” the letter says.
In the revised estimates for FY17, presented along with the budget for FY18, the government has retained its direct tax estimate as budgeted. The estimate of indirect taxes has been raised.
Revised estimates show gross tax revenues at Rs 17 lakh crore in FY17, compared with the budgeted figure of Rs 16.3 lakh crore.
