The union government will soon set up a core team and
initiate action to recover the huge tax arrears (Rs15,000
crore direct taxes and Rs3,000 crore indirect taxes).
the press post budget Vineeta Rai, revenue secretary however
pegs the realisable target at around Rs8,000 crore. The
arrears are not due to tax demands ending up in courts
but due to administrative difficulties in collecting the
also said that the government is committed to bring down
the customs duty to the ASEAN levels. "All the customs
duty initiatives announced in the budget are revenue neutral."
justifying the levy of turnover tax on investments, officials
hope to collect around Rs4,000 crore during the remaining
period of the current fiscal. The annualised target is
around Rs7,500 crore.
said that the withdrawal of Varishtha Pension Bima Yojana
is not anti senior citizen move as the government will
be introducing a similar deposit scheme bearing an interest
rate of 9 per cent. The proposed scheme will be open for
those who are 60 years and above and the scheme will be
administered by post office and nationalised banks. Funds
deposited under the scheme will be locked in for a minimum
period of five years.
about the central government''s contribution to the equity
of the proposed special purpose vehicle that would implement
the Sethusamudram canal project, finance secretary D C
Gupta said the centre''s role will be to provide the guarantee
so that the special purpose vehicle could raise the needed
the issue of downsizing the bureaucracy he said that the
government fills up only the direct recruitment vacancies
and lot of outsourcing
is done. Further the total expenditure on central government
employees excluding railway, postal and para military
services is small.