Centre's Tax Collection To Grow At 24.9 Pc Next Fiscal.

Kolkata, March 18 (IANS) The central government's total revenue from tax collection next fiscal is expected to register a 24.9 percent growth over this financial year, a top government official said Friday.

'We are expecting 24.9 percent revenue growth from tax collection next fiscal over this year, without any tax rate increase, because of buoyant economy,' finance ministry revenue secretary Sunil Mitra said at a Confederation of Indian Industries (CII) programme here.

'It is expected that the economy will grow at a rate of nine percent and inflation rate will be seven percent next fiscal,' he added.

Disclosing that tax collection this financial year has been very good, he said: 'Budget estimate for indirect tax collection this fiscal was Rs.315,000 crore. It has been revised at Rs.336,000 crore. Till March 12, we collected 92 percent of that.'

'On the other hand, initially budget estimate for the direct tax collection was Rs.430,000 crore for financial year 2011. It was then revised at Rs.446,000 crore and till March 12, 79 percent of that has been collected,' he stated.

Mitra said the finance ministry has approved the setting up of National Information Utility through a special purpose vehicle to interlink all IT infrastructure.

'Projects like Goods and Services Tax (GST), tax information network, new pension scheme and national treasury information will be under the National Information Utility,' he added.

Source : sify.com