Hopeful of 19 percent tax revenue growth in 2013-14, says finance minister's adviser Parthasarathi Shome

Kolkata: On the back of higher economic growth and the additional revenue measures of the budget, the central government hopes tax collections will increase 19 per cent in 2013-14, the finance minister's adviser Parthasarathi Shome said on Saturday.

"This year (2012-13) we are likely to have 17 per cent growth in our tax revenue. And we are hopeful of achieving a 19 per cent tax revenue growth in the next fiscal," Shome said while speaking at a seminar on 'Understanding Union Budget 2013-14', organised by St Xavier's College and MCC Chamber of Commerce and Industry.

"Next year, with the higher rate of growth of economy, we can certainly expect 18 per cent tax revenue growth. We have also taken some additional revenue measures or ARMs (in the budget). And with these ARMs, if we add to the 18 per cent, you come to about 19 per cent growth," he explained.

Shome said the finance minister in the budget had given special impetus to manufacturing and construction sectors.

Describing the budget presented by union Finance Minister P Chidambaram for 2013-14 as a "very balanced" one, he said the budget had taken measures to push the slowing growth rate and given attention to various interests.

"The government has taken the right measures in the budget. It has kept in place and given attention to various interests and tries to give some succor to those needed," he stated.

Shome said the finance minister in the budget had given special impetus to manufacturing and construction sectors.

"Also the markets for securities and mutual funds have really incentivised," he added.

Revenue receipts were estimated at Rs.9,35,685 crore in budget estimates for 2012-13, which comprised net tax revenue of Rs.7,71,071 crore and non-tax revenue of Rs.1,64,614 crore.

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