Millennium Post

April-August indirect tax receipts up 4.6%

Indirect tax mop up inched up by 4.6 per cent in the April-August period of this fiscal, while customs duty and excise duty collections rose marginally. Indirect tax collections comprising excise, customs and service tax stood at Rs 1,94,492 crore in the first five months of 2014-15 fiscal as against Rs 1,85,881 crore in the corresponding period a year ago, the finance ministry said in a statement.

The growth at 4.6 per cent is far less than 25 per cent annual increase envisaged in the Budget for the full 2014-15 fiscal.Excise collection rose marginally 0.5 per cent during the quarter to over Rs 61,415 crore. Customs mop up also rose marginally by 0.3 per cent to over Rs 71,207 crore during April-August period against Rs 70,999 crore in the same period a year ago.

Service tax collection, which has become a new focus area for revenue officials, grew by 15.1 per cent to Rs 61,870 crore during the period, the statement said.

The indirect tax collection target for 2014-15 fiscal stands at Rs 6.24 lakh crore. Indirect tax collection in the month of August grew by 9 per cent to Rs 40,644 crore.
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