The tax department is hopeful of meeting the revenue collection target for FY 2016-17, a top official said on August 16. Indirect tax collection rose by about 30.8 per cent during April-June to Rs 1,99,970 crore, from Rs 1,52,740 crore collected in the year-ago period.
The collection up to June indicate that 25.7 per cent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal. “We have done very well so far. Collection in the June quarter from central excise, customs and service tax put together are 30 per cent more from the year-ago period,” Central Board of Excise and Customs chairman Najib Shah said on the sidelines of an event here.
Asked if the Board will be able to meet the target of revenue collection for FY2016-17, he said, “It is very early to say how the year will be. Still, we are hopeful of achieving the target given to us by the government for the entire fiscal.”
The Government has pegged indirect tax collection target at Rs 7.78 lakh crore in the current fiscal, up 9.7 per cent from Rs 7.09 lakh crore actual collections previous fiscal.
Talking about the authorised economic operator (AEO) programme, an initiative launched by the Government on July 25, Shah said, “It is something we would like the trade and industry to join. This will help you save time and energy. Also, it will give you extensive benefits from Indian and foreign customs operations as well.”
The legal compliance norms have been rationalised in the AEO, as it boasts of three-tier scheme as opposed to the single one earlier. Moreover, there is a provision for taking into account special conditions of SME/MSMEs under the programme, he said.