The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today. “We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12”, Revenue Secretary Sunil Mitra said.
He said the revenue department had done a good job in collection of high revenues during the last fiscal.
During 2010-11, the government had already collected a revenue of Rs 7.85 lakh crore. “We expect to finish the fiscal with a revenue collection of Rs 7.92 lakh crore”, Mitra said at an interactive session here..
Referring to the treatment of personal savings in Direct Tax Code, he said so far the EEE (exempt, exempt, exempt) model was followed.
EEE allows tax exemptions during entry, tenure and maturity of any investment.