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Revenue Secretary Dr. Hasmukh Adhia: Forthcoming Union Budget 2016-17 would Aim to Promote Growth, Employment and Provide a Level Playing Field to Indian Domestic Manufacturers

News and Press Release - Dated:- 18-2-2016 - Press Information Bureau Government of India Ministry of Finance 17-February-2016 19:40 IST Dr. Hasmukh Adhia, Revenue Secretary, Government of India said that from the taxation perspective, the forthcoming Union Budget 2016-17 would aim to promote growth, employment and provide a level playing field to Indian domestic manufacturers. Dr. Adhia was replying to the questions regarding taxation and the related issues and the expectations from the forthco .....

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nd indirect taxes during the current Financial year 2015-16. He said that this will be for the First time that after a gap of five years, the Government will be able to achieve the Budget Estimate (B.E.) target of tax collections during 2015-16. Dr. Adhia mentioned that out of overall target of ₹ 14.4 Lakh crore, about ₹ 8 Lakh crore was the target for direct taxes and ₹ 6.5 lakh crore for the indirect taxes during 2015-16. In case of Direct taxes, Corporate Income Tax accounte .....

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of indirect taxes, he added. In reply to a question about the reason for low direct tax collections, Dr. Adhia said the reasons for the shortfall in direct tax collections by around ₹ 40,000 crore was mainly due to Corporate earnings not being as robust as expected. He said that the growth in direct tax collections till January 2016 in current FY 2015-16 over last year was 11% compared to growth of 33% in case of indirect taxes in the same period. The increase in indirect tax collections w .....

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estion on widening of the tax base, Dr. Adhia said that the figure of 3% to 3.5% of the total population only paying tax must be analyzed in the context of the total working population. A large section come from agriculture, BPL and small enterprises who are not liable to pay tax as their income falls below the exemption limit i.e. ₹ 2,50,000. However, due to Tax Deduction at Source (TDS), many more people are paying tax even though many of them may not be filing their tax returns. He said .....

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entral Processing Centre (CPC) has been set-up in Bengluru and more than 90% of the Income Tax returns have been filed online this year. Use of Information Technology has made possible processing of 3.27 crore assessments of the tax returns till 31st December, 2015 i.e. in the first 9 months of the current financial year 2015-16. He further said that out of which 1.81 crore people have received their tax refunds and out of that, 1.31 crore assesses have received their refunds within 30 days of f .....

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industries to provide level playing field or to achieve balanced regional development among others, yet there is a distortionary impact of such exemptions on the taxation system. Dr. Adhia stated that currently, the Government forgoes revenue of about ₹ 1 lakh crore in direct taxes and a similar amount in case of Indirect taxes. This has a cascading impact on tax rates which are relatively higher in order to meet the overall revenue targets, he added. Dr. Adhia stated that these exemption .....

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upport to Start-ups during incubation period, the Government has recently announced tax holiday for certain period for the new enterprises under Start-up India programme. In reply to a question on the high pendency of taxation cases in the judicial system, Dr Adhia said that there are 3.44 lakh litigations pending with regards to income tax and 1.36 lakhs in case of indirect taxes. He further said that only 18% of the cases concerning direct taxes i.e. 61, 000 cases are filed by the department, .....

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