New Delhi, Mar 7 (UNI) Warning evaders of excise duty, Finance Minister P Chidambaram today said the focus of government's efforts in the current fiscal will be on mopping up resources from this source.
''While revenues from Corporate Tax and Sevice Tax have shown a decent growth, those from excise duty have not been up to the mark,'' Mr Chidambaram said inaugurating the Electronic Accounting System for Excise and Sevice Tax(ESOEST) here.
EASIEST is a government initiative which facilitiates capture of Challan information in respect of Excise and Service Tax collections at the receiving branch level. It transmits it to the Central Board of Excise and Customs electronically through the Focal Point branch, the link cell and NSDL. State Bank of India is a partner in the project from the inception stage.
SBI is also the authorised banker for Excise collection at all the 93 Commissionerates.
Stressing the need for paying full excise duty punctually, Mr Chidambaram said it was both a good business practice as well the correct approach to life to pay ones taxes.
He said evasion would become both more difficult and hazardous as data from differnt sources gets more integrated, which is what was the objective of the government. He said the day was not too far off when all departments, banks, and other sources will integrate in a manner so that data about an individual or a company is shared.
''A black mark from somewhere will mar your chances and prospects in other places,'' Mr Chidambaram said. It may debar a person from leveraging a loan or dealing with another company or the government, he said.
Mr Chidambaram said if the economy was growing at 8-9 per cent, then it was essential to ensure that excise duty grows by this figure.
The Finance Minister said while the rate of tax can be debated in a democracy, but once a law is enacted, then it ought to adhered to -- whether hard or soft.
Mr Chidambaram said while it was critical to focus on the quality of expenditure, it was equally important to focus on the manner in which revenues are collected.
Mr Chidambaram said the Department was likely to meet the excise duty Budget target of Rs 1,19,000 crore and service tax target of Rs 34,000 crore.
UNI
''While revenues from Corporate Tax and Sevice Tax have shown a decent growth, those from excise duty have not been up to the mark,'' Mr Chidambaram said inaugurating the Electronic Accounting System for Excise and Sevice Tax(ESOEST) here.
EASIEST is a government initiative which facilitiates capture of Challan information in respect of Excise and Service Tax collections at the receiving branch level. It transmits it to the Central Board of Excise and Customs electronically through the Focal Point branch, the link cell and NSDL. State Bank of India is a partner in the project from the inception stage.
SBI is also the authorised banker for Excise collection at all the 93 Commissionerates.
Stressing the need for paying full excise duty punctually, Mr Chidambaram said it was both a good business practice as well the correct approach to life to pay ones taxes.
He said evasion would become both more difficult and hazardous as data from differnt sources gets more integrated, which is what was the objective of the government. He said the day was not too far off when all departments, banks, and other sources will integrate in a manner so that data about an individual or a company is shared.
''A black mark from somewhere will mar your chances and prospects in other places,'' Mr Chidambaram said. It may debar a person from leveraging a loan or dealing with another company or the government, he said.
Mr Chidambaram said if the economy was growing at 8-9 per cent, then it was essential to ensure that excise duty grows by this figure.
The Finance Minister said while the rate of tax can be debated in a democracy, but once a law is enacted, then it ought to adhered to -- whether hard or soft.
Mr Chidambaram said while it was critical to focus on the quality of expenditure, it was equally important to focus on the manner in which revenues are collected.
Mr Chidambaram said the Department was likely to meet the excise duty Budget target of Rs 1,19,000 crore and service tax target of Rs 34,000 crore.
UNI
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