Direct tax collection target 4 lakh crore, collection from Mumbai Rs 1 lakh crore; Moorthy, Chairman, CBDT

Commenting on the Union Budget 2010, Mr Sunil Mitra, Revenue Secretary, Ministry of Finance, GOI said that the Budget clearly showed the government’s vision of becoming a facilitator from enabler through increasing budget outlay for infrastructure development.
“The strong message that is coming up from the Budget is that the government is now going to become a facilitator as it earmarked Rs 3 lakh crore for the development of physical and social infrastructure.

Moreover, increase in public equity in four companies like, NTPC, REC etc in the previous year showed government’s commitment towards the disinvestment raising Rs 13,000 crore. The trend will continue as such an initiative at NMDC is coming up. More than pricing it is the participation of retail investors which is a bigger concern,” Mr Mitra said addressing to the captains of the Indian industries at an interactive session organized by CII.
He added that the food pricing are now softening. “The increase in fuel prices was inevitable and would surely have impact on prices including that of food. However, there is no scope for fiscal intervention to control the prices.
The Central Board of Direct Taxes has confirmed that the direct tax collection targets have been set for the country at Rs 4 lakh crore of which 2.8 lakh crore have already been collected so far. “We are going to put in serious efforts and achieve the mark of Rs 4 lakh crore,”

said Mr S S N Moorthy, chairman of the Central Board of Direct Taxes (CBDT).
Mr Moorthy further added that the tax collection targets for Mumbai have been set at Rs 1.42 lakh crore of which Rs 1 lakh crore has been collected so far. He however confirmed that it would not be advisable and possible to abolish the wealth tax. “Even in western countries, the Estate Duty is collected which is similar to the Wealth Tax in India,” he said.