PTI
New Delhi
The Government on Monday revised upwards the total disclosure of black money at Rs 4147 crore, up from its earlier Rs 3770 crore as released on end September.
Some of the disclosure came in closed envelopes, which were opened after the the deadline of September 30, leading to the revision of collection numbers, Revenue Secretary Hasmukh Adhia said.
Adhia also warned of a shortfall of about 5% in tax revenue target for the current fiscal, which was set at Rs 14.5 lakh crore.
The government’s tax revenues could be hit because of shortfall in direct taxes as the economy growth is tepid, and corporate profitability is is slower because of a broad slowdown in demand.
The direct tax collection for the first six months of the fiscal through September grew 12%, while the indirect taxes collection between April and August grew 36.5% from a year earlier, he said.
The government needs its tax collections to grow at 16.5% every year to achieve the budget tax target of Rs 14.5 lakh crore.
Finance Secretary R.P. Watal said the government will not cut its planned spending for the fiscal like in the previous years. His comments assume significance as Finance Minister Arun Jaitley had earlier said that public expenditure would be important to fuel the economy at a time when the private sector is hesitant to invest. Watal further said fiscal deficit target of 3.9% of GDP would be met during the current year.
