The Finance Ministry has come out with a laundry list of sectors that the taxman would do well to focus upon this fiscal to garner additional tax revenues.
The sectors that are likely to do well this fiscal are consumer goods, software, 2-wheelers, cement, some banks, steel, power and oil marketing companies, fertilisers, four-wheelers and pharma, Mr R.S. Gujral, Finance Secretary, said at 28th annual conference of Chief Commissioners & Directors General of Income- Tax in the Capital.
These sectors have been identified based on an internal analysis of the advance tax payment trends of top 100 companies, according to Mr Gujral.
Mr Gujral felt that the current fiscal's direct taxes target of Rs 5.7 lakh crore, reflecting a 15 per cent increase over previous year's actual collections, was "not unachievable or a difficult" target.
The Finance Secretary also expects iron ore and aluminium companies to continue with their poor show, indicating that taxman may not get sizeable tax revenues from entities in these sectors.
As for 2011-12, Mr Gujral highlighted banks (2/3 had decline in advance tax), steel (all companies had decline in advance tax), power (most paid lower advance tax), coal (half of them paid lower advance tax), oil marketing companies (steep decline in advance tax) and capital goods (decline) as extremely stressed sectors.
But there was buoyancy in software, oil and gas exploration, 2-wheelers, cement and infrastructure in 2011-12, he said.