Indirect tax collection up 10.4% in April
18 May 2012 1:06 AM GMT
Collection of indirect taxes jumped by 10.4 per cent to Rs 33,045 crore in the first month of the current fiscal on the back of increase in excise duty and service tax rates.
The indirect tax - excise duty, customs and service tax - collection had totalled Rs 29,936 crore in April 2011.
'At this pace of growth, we will be able to achieve the Budget target of Rs 5.05 lakh crore for the current fiscal,' entral Board of Excise and Customs chairman S K Goel said. He added that the April tax collection would have been about 22 per cent had the government not slashed excise duty and customs on petroleum products in June 2011. The government has increased both the excise duty and service tax by two per cent each to 12 per cent in the Budget.
The indirect tax - excise duty, customs and service tax - collection had totalled Rs 29,936 crore in April 2011.
'At this pace of growth, we will be able to achieve the Budget target of Rs 5.05 lakh crore for the current fiscal,' entral Board of Excise and Customs chairman S K Goel said. He added that the April tax collection would have been about 22 per cent had the government not slashed excise duty and customs on petroleum products in June 2011. The government has increased both the excise duty and service tax by two per cent each to 12 per cent in the Budget.
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