New Delhi.June,9:Under the losing momentum of the growth of Indian economy raised the concerns over the achievement of tax collection target by the Government of India Finance Minister Pranab Mukherjee said sustained efforts would be required to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal.
The Minister, revealed while speaking at the annual conference of chief commissioners and directors general of Central Board of Excise and Customs (CBEC) here, also called upon the tax officials to work towards reducing the tax litigations.
Commenting over the earlier estimates of growth projection of 9% for the current fiscal, Mukherjee said, it would be mountain task but he is confident to achieve a growth rate of 8.75 per cent (plus-minus 0.25 per cent) with "hard work".
Indian economy has lost their growth momentum under rising inflation, higher interest rate and increasing crude price. Cost of fund had forced the INC to put their expansion plan on hold which is clearly visible on the IIP data which is the leading indicator of the economic activity in India.
As Inflation is still over the range of RBI target so no respite on interest rate is visible in near term for the INC. Global recovery is also losing their momentum as US and euro zone still under the wood so demand scenario is yet to pick up from the developed world.