New Delhi: India should meet its indirect tax targets for this fiscal year, although target growth in excise tax is looking formidable at the moment, the finance minister said.
“Overall indirect taxes will be met,” Finance Minister Palaniappan Chidambaram told reporters.
“We will meet customs and service tax targets. We are concerned about sluggish growth in central excise. The customs target is a 14.4% increase. It would be met.”
He said the target increase in service tax was 26.1% for the fiscal year 2008-09 and it should be possible to meet that goal.
“Excise growth is at 8.8% for this year and that at the moment seems a little formidable,” he said.
“But we are monitoring closely manufacturing as well as other channels and have asked commissioners to clamp down on misuse of cenvat credit.”