<p>"Revenue target for this year is 7.45 lakh crore and I see no reason why we should not achieve it ... As a matter of fact if things go as they are, we expect to make a modest increase over the targets," Revenue Secretary Sunil Mitra told reporters on the sidelines of a seminar here.<br /><br />He, however, refused to give any revised figures and said no new numbers have been fixed as of now.<br /><br />Mitra said that during April-October, the government has collected over 50 per cent of the budgeted target.<br /><br />"In the first seven months of the fiscal we are a little over 50 per cent of our budgeted target which, if taken together, is about 28 per cent higher than what we were at this time last year," he said.<br /><br />The government had fixed a target of Rs 7.45 lakh crore for the fiscal, about 19 per cent higher than last fiscal.<br /><br />According to latest figures released by the government, direct tax collections rose by 19 per cent to Rs 1.82 crore in the first half (April-September) of the current fiscal compared to that in the same period last year.<br /><br />During the same period, indirect tax collection also climbed more than 44 per cent to Rs 1.51 lakh crore, as compared to the year-ago period.<br /><br />Hit by stimulus packages, that include tax cuts, given to spur up the economy impacted by the global financial meltdown, tax collections took a beating last fiscal. Tax mop up fell short of the target of Rs 6.41 lakh crore in 2009-10.<br /><br />This year, the government partially rolled back stimulus and raised excise duty by two per cent to 10 per cent.<br /><br />As a result, the Revenue Secretary said, excise duty collections recorded a 25 per cent increase during April-October this fiscal.<br /><br />Asked about the Vodafone issue, Mitra said: "We have submitted our calculations on what they owe by tax liability. There has to be further direction on this now from courts."<br /><br />The government had asked Vodafone to pay Rs 11,218 crore in taxes for the acquisition of Hutchison's stake in a telecom joint venture in India in 2007, a claim contested by telecom firm. <br /></p>
<p>"Revenue target for this year is 7.45 lakh crore and I see no reason why we should not achieve it ... As a matter of fact if things go as they are, we expect to make a modest increase over the targets," Revenue Secretary Sunil Mitra told reporters on the sidelines of a seminar here.<br /><br />He, however, refused to give any revised figures and said no new numbers have been fixed as of now.<br /><br />Mitra said that during April-October, the government has collected over 50 per cent of the budgeted target.<br /><br />"In the first seven months of the fiscal we are a little over 50 per cent of our budgeted target which, if taken together, is about 28 per cent higher than what we were at this time last year," he said.<br /><br />The government had fixed a target of Rs 7.45 lakh crore for the fiscal, about 19 per cent higher than last fiscal.<br /><br />According to latest figures released by the government, direct tax collections rose by 19 per cent to Rs 1.82 crore in the first half (April-September) of the current fiscal compared to that in the same period last year.<br /><br />During the same period, indirect tax collection also climbed more than 44 per cent to Rs 1.51 lakh crore, as compared to the year-ago period.<br /><br />Hit by stimulus packages, that include tax cuts, given to spur up the economy impacted by the global financial meltdown, tax collections took a beating last fiscal. Tax mop up fell short of the target of Rs 6.41 lakh crore in 2009-10.<br /><br />This year, the government partially rolled back stimulus and raised excise duty by two per cent to 10 per cent.<br /><br />As a result, the Revenue Secretary said, excise duty collections recorded a 25 per cent increase during April-October this fiscal.<br /><br />Asked about the Vodafone issue, Mitra said: "We have submitted our calculations on what they owe by tax liability. There has to be further direction on this now from courts."<br /><br />The government had asked Vodafone to pay Rs 11,218 crore in taxes for the acquisition of Hutchison's stake in a telecom joint venture in India in 2007, a claim contested by telecom firm. <br /></p>