The government has raised the goods and services tax collections target to Rs. 1.10 lakh crore for each month starting December from Rs. 1 lakh crore, as it seeks to ensure that revenue targets are met for the current fiscal. Finance ministry sources said revenue secretary Ajay Bhushan Pandey has made it clear that there should not be any let up in ensuring that targets are met and that the corporate tax relief to the tune of Rs. 1.45 lakh crore should not be taken as an excuse.
“Efforts are being made to exhort officers at all levels to maximise tax collections while at the same time ensuring that genuine taxpayers are not harassed,” a finance ministry source said. The government had in September cut corporate tax rate to 22% from 30% for existing companies sans any tax holidays or exemptions, and to 15% from 25% for new manufacturing companies.
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