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Sinha confident of achieving indirect tax target

Despite sluggish growth in industry and imports, Finance Minister, Yashwant Sinha, on Friday said the government would strive to attain the targeted Rs 1,410 billion indirect tax collection during this fiscal.

"We have to work hard to get closer to the target and even exceed the target," Sinha said addressing the award presentation ceremony of customs and excise officials.

The minister's statement about excise and customs comes in the wake of a lower 1.9 per cent growth in industrial production in May and a 9.9 per cent decline in imports during April, which is expected to result in lower indirect tax collections.

Sinha said the government was aware of the fact that customs collections would be lower at a time when imports are showing declining trend but said he was hopeful that indirect taxes, amounting to two-thirds of total tax collections, would be on target.

The government targets to mop up a higher Rs 817.20 billion in excise duties during 2001-02, as against the revised estimate of Rs 706.81 billion last fiscal, while the target for customs is at Rs 548.22 billion as against Rs 497.81 billion last year.

Sinha said the ministry was in constant dialogue with the ministry of commerce to streamline operations and achieve higher customs collections while promoting export and import in the country.

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