Commercial taxes mobilisation, a vital sizeable component of the State’s own tax revenues and a pointer to the health of the economy, grew by 4.42 per cent in the first five months of the current fiscal in Tamil Nadu.
Minister of Commercial Taxes and Registration B.V. Ramanaa, who reviewed the performance of the department on Friday, gave the detail even while calling for focussed efforts from officials to achieve the revenue target. As per the budget estimates for this fiscal, a 16 per cent growth is targeted.
The revenue collection in the April to August period was Rs.20,120.91 crore. In August alone, it was Rs.4,112.46 crore, an increase of 4.26 per cent, a press release quoting the Minister said.
The emphasis laid by Mr. Ramanaa assumes significance as commercial taxes is the “biggest resource mobiliser.” According to the 2013-14 policy document of the department, it contributes almost two-thirds of the State’s own tax revenue.
In 2012-13, Commercial Taxes Department mobilised gross revenue of Rs.47,885 crore, which was a growth of 21.09 per cent compared to the collection in the previous fiscal.
This was achieved despite a general slowdown in the Indian economy and a lean agricultural season in the State, by ensuring better tax compliance, the document said.
As per the budget estimates of 2013-14, the department is expected to contribute Rs.56,025.24 crore in the State’s Own Tax Revenue of Rs.86,065.40 crore, which translates into as much as a 65 per cent share.
At the meeting, Mr. Ramanaa urged both the territorial and enforcement wing of the department to take co-ordinated and continuous action on bill traders.
Stringent action, he said, should be taken against beneficiary dealers availing bogus input tax credit from bill traders.
The Minister said that stringent action should be taken in respect of tax evaders and cases of tax evasion detected in movement of goods.
The Enforcement Wing, he added, collected Rs.81 crore taxes up to August as against Rs.14 crore collected last year.
As per the budget estimates for this fiscal, a 16 per cent growth is targeted The revenue collection in the April to August period was Rs.20,120.91 crore
As per the budget estimates for this fiscal, a 16 per cent growth is targeted
The revenue collection in the April to August period was Rs.20,120.91 crore