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Govt to achieve budgeted revenue target in FY 14: FM

Finance minister P. Chidambaram Wednesday said the government will achieve its budgeted revenue target for the current financial year.

“In 2012-13, we achieved 21 percent increase over the previous year's collection. With economy expected to grow certainly higher than 5 percent, I think with growth close to 6 percent, we should be able to collect 19 percent more than last year," he said.

The finance minister was inaugurating the 28th conference of chief commissioners and director generals of the Central Board of Excise and Customs (CBEC).

The government plans to mop up around Rs.13,300 crore as direct taxes and Rs.4,700 crore as indirect taxes this fiscal.

The minister also said that the revenue department will take a close look at the 12 lakh service tax assessees who have stopped filing returns.

The government expects to garner Rs.1.8 lakh crore through service tax this fiscal.