Extra efforts would be required to achieve tax targets: Pranab

New Delhi, June 8 (PTI) 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. The task before you
is very challenging and will require sustained and strategic
efforts throughout the (this) financial year".
On taxes locked in litigations, Mukherjee said it
currently stood at around Rs 35,000 crore as against a little
over Rs 9,000 in March 2005.
"This in an area of serious concern. You must,
therefore, jointly devise a strategy for realisation and
liquidation of at least 50 per cent of this locked up revenue
during the current fiscal.
"This would also provide the necessary fillip to your
efforts in attaining the budget revenue targets for 2011-12,"
he said.