Revenue Secretary holds meeting to augment revenue, achieve targets using data analytics

The Department of Revenue (DoR) in the Ministry of Finance on Friday held a high-level meeting to strategize and streamline the functions using data analytics and fix specific responsibilities on the officers, the ministry sources said.

The Department of Revenue (DoR) in the Ministry of Finance on Friday held a high-level meeting to strategize and streamline the functions using data analytics and fix specific responsibilities on the officers, the ministry sources said. According to the sources, the meeting was held to augment revenue and achieve the GST target of Rs 1.10 lakh crore for next two month, Rs 1.25 lakh crore in the last month and direct tax collection target of Rs 13.35 lakh crore for the year despite corporate tax relief of 1.45 lakh crore.

It was conducted under the chairmanship of the Revenue Secretary Dr Ajay Bhushan Pandey and senior officials of Central Board of Indirect Taxes and Customs (CBIC) and Central Board of Direct Taxes (CBDT) including Chairman and members of both the Boards. It was decided in the meeting to have weekly updates on the efforts taken up for revenue augmentation measures and endeavors put to realize the targets, the source stated.

Red flag reports generated through the system would have to be taken to their logical conclusions without overreach in a stipulated timeframe and regular updates have to be submitted. Field formations under the Principal Chief Commissioners and Chief Commissioners and Members of both Boards would have to report weekly either in physical meetings or on video conferencing on their efforts being put in the field to curb tax evasion and leakages, action was taken on checking fake or huge ITC claims, mismatch in returns filed, etc.

Sources said that field taxmen have been given directions to put forward special efforts to identify and initiate actions against wilful tax evaders or those using fake invoices or inflated or fake e-way Bills. However, officials were asked to ensure that the genuine taxpayers shall not be troubled. Officials were also told to communicate with them that they must genuinely file their taxes before the taxman and notice of the tax department reaches them.

The high-level meeting was to further strengthen the efforts to exhort the tax machinery to put up special efforts to stop leakages and curb tax evasion to maximize tax collection without troubling the genuine taxpayers. It may be recalled that in December, the Finance Ministry has put its GST tax collection targets to Rs 4.45 lakh crore for the remaining period of this Financial Year with targeting of Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month while the direct tax targets will be at Rs 13.35 lakh crore sans the corporate tax relief of 1.45 lakh crore.

Also, DoR is going to have a multifaceted brainstorming meeting next week on January 7 to further streamline its revenue augmentation efforts. 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)