New Delhi: Worried that high inflation and moderating growth could impact tax collections in 2011-12, the Government on Tuesday indicated that it may go slow on tax refunds and refrain from reducing duties on petroleum products.
The indications were given by top revenue official at the annual meeting of senior Income Tax officers here and Finance Minister Pranab Mukherjee, who was present there, agreed with the assessment.
Commending I-T department for tax collection of over Rs 4.46 lakh crore in FY'11, Mukherjee cautioned that achieving the target of Rs 5.33 lakh crore FY'12 could be difficult because of high commodity prices and moderation in growth.
"Inflation can affect domestic demand and thereby adversely affect GDP growth... and consequently our tax collection", Revenue Secretary Sunil Mitra said....more
07:42 AM, May 25, 2011