Get ready for more Tax surveys -Finance Minister

Faced with sluggish industrial growth and its impact on revenue collections, the government today said it would step up “surveys” to maintain the tax buoyancy. 

“We are trying to maintain (tax) buoyancy by enhancing/strengthening the tax collecting machinery; by bringing more people through surveys and other information within the tax net...”, Finance Minister Pranab Mukherjee said in the Lok Sabha. 

The word ‘survey’ according to the Income Tax Act, 1961 refers to collection of information at business premises, assessing expenditure on marriages and other celebrations. 

Mukherjee said that so far in 2011-12, the revenue collections have been robust with indirect tax collection growing by 30 per cent and direct tax revenues up 26 per cent so far. 

However, he conceded that the government revenue would take a hit if industrial production goes down.

Source PTI


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