The government has collected an “unprecedented” Rs. 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs. 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said on Wednesday.
“There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs. 7,45,000 crore that we revised to Rs. 7,82,000 crore, the total collections stand at nearly Rs. 7,90,000 crore,” Mukherjee said in a commendation letter to CBDT Chairman Sudhir Chandra.
“This has greatly strengthened our efforts for fiscal consolidation that is a key imperative for growth of our country’s economy and the socio-economic developments of its people,” he added.
Mukherjee, while calling the performance of the I-T department as “magnificent”, also asked Chandra to convey his “commendation” to all the officers and staff of the department across the country who are responsible for tax collection under the direct taxes category.
“At the beginning of the year, we set a target of direct tax collections of Rs. 4,30,000 crore. I have noted with great pleasure that our ‘Aaykar Parivar’ has succeeded in meeting the revised target of Rs. 4,46,000 crore and that too after issuing a record number of around 85 lakh refunds totaling around Rs. 74,000 crore during the year.
“The refunds and other taxpayer-friendly initiatives taken by CBDT are important milestones in good governance that encourage voluntary tax compliance,” the Finance Minister said in his letter.
Mukherjee asked the I-T department to continue doing the good job for an innovative and responsible administration and a valuable partnership to India’s growth story.
Source – PTI