Revenue collection expected to exceed target this fiscal: FM

After missing target in the last financial year, the government today exuded confidence that tax collection during the current fiscal would exceed budget estimate of Rs 13.64 lakh crore (Rs 13.64 trillion).

"Revenue collection targets fixed for 2014-15 will not only be achieved but also surpassed," Finance Minister Arun Jaitley said.

He was addressing the 30th annual conference of Principle Chief Commissioners, Principle Director Generals (DGs), Chief Commissioners & DGs of Income Tax Department here. Jaitley emphasised that the credibility of Income Tax department is its greatest asset.

"Credibility of income tax department is its greatest asset, that's why highest standards of ethics are expected from officers of the department," PIB said in a tweet.

The government estimates to garner Rs 13.64 lakh crore from both direct and indirect tax collection during the current fiscal.

During 2013-14, tax collection fell short of target by a whopping Rs 77,000 crore (Rs 770 billion).

The government collected Rs 11.58 lakh crore (Rs 11.58 trillion) against the budget estimate of Rs 12.35 lakh crore(Rs 12.35 trillion).

There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.

On income tax front, however, there is possibility of surpassing target. Last week, Revenue Secretary Shaktikanta Das had said that the government would be able to achieve the direct tax collection target but the real challenge is with regards to indirect taxes.

"It is a challenge, there is no doubt about that, but with a number of steps taken by the government to revive the economy, particularly manufacturing, reviving investment sentiment... we expect manufacturing sector, the entire industrial sector to get back in buoyant note than previous year," he had said.