Zee Media Bureau
New Delhi: Union Finance Minister Arun Jaitley on Monday addressed the 31st Annual Conference of Principal Chief Commissioners of Income Tax at New Delhi.
While addressing the conference he said that we have to bring tax rate at global level while t the same time removing the exemptions.
“We expect a growth of 14-15 percent in direct tax collections this fiscal,” Jaitley said. “The government's higher expenditure can be met only with higher tax collections.”
The direct tax collections increased by 9 percent in FY 2015 despite slowing economy, Jaitley said.
Higher tax collections will be directed to infra spending, he said. He also said that the government aims to bring down corporate tax rate to global levels and will phase out exemptions.
"Tax evasion has to be checked, parallel economy has to be squeezed," Jaitley said."No honest taxpayer has to fear the black money law, only those who defy the system need to worry."
Meanwhile, Revenue Secretary Shaktikanta Das said that direct tax target of Rs 7.98 lakh crore for 2015-16 is very much achievable.
