Apr-Oct indirect tax receipts up 5.6%
13 Nov 2014 12:06 AM GMT
However, excise collection, which is an indication of economic activity, declined by 1.2 per cent during the seven month period to Rs 88,330 crore, an official statement said.
Indirect tax collections so far this fiscal has been 45.7 per cent of the budget target of full 2014-15. The government has budgeted to collect over Rs 6.24 lakh crore from indirect taxes in the current fiscal, up 20.28 per cent over the collection in 2013-14. Service Tax collections increased 10.9 per cent during the seven months ending October to Rs 90,673 crore. This amounts to 42 per cent of the budget target.Mop up from customs ose 7.5 per cent to over Rs 1.06 lakh crore in April-October. This is 52.6 per cent of budget estimates.
Economic growth, after remaining at sub-5 per cent in last two fiscals, is estimated to be between 5.4-5.9 per cent in 2014-15. During the April-August period of 2014-15, industrial output growth as measured by Index of Industrial Production (IIP) grew at 2.8 per cent, as against flat production in same period of the previous fiscal.
In the Budget, Finance Minister Arun Jaitley had hiked excise duty on cigarettes in the range of 11 per cent to 72 per cent. The excise duty on pan masala was increased from 12 per cent to 16 per cent, unmanufactured tobacco from 50 per cent to 55 per cent and gutkha and chewing tobacco from 60 per cent to 70 per cent.
Jaitley has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
Indirect tax collections so far this fiscal has been 45.7 per cent of the budget target of full 2014-15. The government has budgeted to collect over Rs 6.24 lakh crore from indirect taxes in the current fiscal, up 20.28 per cent over the collection in 2013-14. Service Tax collections increased 10.9 per cent during the seven months ending October to Rs 90,673 crore. This amounts to 42 per cent of the budget target.Mop up from customs ose 7.5 per cent to over Rs 1.06 lakh crore in April-October. This is 52.6 per cent of budget estimates.
Economic growth, after remaining at sub-5 per cent in last two fiscals, is estimated to be between 5.4-5.9 per cent in 2014-15. During the April-August period of 2014-15, industrial output growth as measured by Index of Industrial Production (IIP) grew at 2.8 per cent, as against flat production in same period of the previous fiscal.
In the Budget, Finance Minister Arun Jaitley had hiked excise duty on cigarettes in the range of 11 per cent to 72 per cent. The excise duty on pan masala was increased from 12 per cent to 16 per cent, unmanufactured tobacco from 50 per cent to 55 per cent and gutkha and chewing tobacco from 60 per cent to 70 per cent.
Jaitley has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
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