Indirect tax collections up 5.8% in April-SeptemberNew Delhi: Indirect tax collections inched up by 5.8 per cent in the April-September period of this fiscal.Indirect tax collections, comprising excise, customs and service tax, stood at Rs. 2,41,811 crore in the first six
New Delhi: Indirect tax collections inched up by 5.8 per cent in the April-September period of this fiscal.
Indirect tax collections, comprising excise, customs and service tax, stood at Rs. 2,41,811 crore in the first six months of 2014-15 fiscal as against Rs. 2,28,619 crore in the corresponding period a year ago, the Finance Ministry said in a statement.
The growth at 5.8 per cent is far less than 25 per cent annual increase envisaged in the Budget for the full 2014-15 financial year.
Excise collection contracted marginally by 0.6 per cent during the April-September to over Rs. 75,021 crore.
Customs mop up rose 5.5 per cent to over Rs. 89,324 crore during April-September period against Rs. 84,643 crore in the same period a year ago.
Service tax collection, which has become a new focus area for revenue officials, grew by 13.1 per cent to Rs. 77,466 crore during the period, the statement said.
With an aim to widen the service tax net, the government had introduced the concept of negative list of taxation. As per it, all services except those in the negative list are taxable.
The indirect tax collection target for 2014-15 fiscal stands at Rs. 6.24 lakh crore.
Indirect tax collection in the month of September grew by 12.3 per cent to Rs. 48,012 crore.
Excise duty mop up in month of September contracted by 0.4 per cent to Rs. 14,288 crore, whereas custom duty collections grew by 32.8 per cent to Rs. 18,116 crore during the period.
Service tax collections in August rose by 5.8 per cent to Rs. 15,608 crore against Rs. 14,755 crore in the same month of last fiscal.