Indirect tax receipts up 5.6% to Rs 4.41 trillion in April-Feb
27 March 2014 5:50 AM IST
The total collection of indirect taxes — excise, customs and service tax — in February rose by 5 per cent to Rs 43,794 crore, against Rs 41,714 crore in the same month last fiscal, official sources said.
Service tax collection grew 15.4 per cent to Rs 12,181 crore in the last month, against Rs 10,556 crore in the year-ago period. Customs mop-up stood at Rs 15,109 crore, while Central Excise collection was at Rs 16,504 crore in the month.
Total collection of indirect taxes stood at Rs 4,18,286 crore during April-February 2012-13. Excise collection dropped by 3.8 per cent to Rs 1,49,711 crore during April-February FY14, against Rs 1,55,570 crore in the same period last fiscal year, reflecting a slump in manufacturing activity, the sources said.
Service tax collection, which has become a new focus area for revenue department, grew by 18.2 per cent to Rs 1,34,171 crore in April-February FY14, against Rs 1,13,505 crore in the same period last fiscal. Customs duty contributed Rs 1,49,211 crore during the period, sources said. The Government has set a revised indirect tax collection target of Rs 5.19 lakh crore for 2013-14.
RBI takes steps for year-end tax collection
Mumbai: The Reserve Bank of India (RBI) on Wednesday directed banks to make special arrangement for meeting rush of tax-payers towards the end of March 2014. ‘It has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for extended hours till 8.00 pm on Saturday, March 29 and Monday, March 31 at locations where March 31, has not been declared as a public holiday,’ the RBI said in a notification.
Further, it said, ‘On Sunday, March 30 and on Monday, March 31 (at places where holiday has been declared), banks may keep select branches open as a regular working day for transacting government business at key locations identified by them.’ The decision has been taken following requested by the Government of India and some State Governments to facilitate collection and accounting of government transactions (such as receipts of taxes and revenue) for the current financial year up to March 31. It has been decided to conduct special clearing at all clearing houses across India on March 29, 30 and 31, 2014, it said.
Service tax collection grew 15.4 per cent to Rs 12,181 crore in the last month, against Rs 10,556 crore in the year-ago period. Customs mop-up stood at Rs 15,109 crore, while Central Excise collection was at Rs 16,504 crore in the month.
Total collection of indirect taxes stood at Rs 4,18,286 crore during April-February 2012-13. Excise collection dropped by 3.8 per cent to Rs 1,49,711 crore during April-February FY14, against Rs 1,55,570 crore in the same period last fiscal year, reflecting a slump in manufacturing activity, the sources said.
Service tax collection, which has become a new focus area for revenue department, grew by 18.2 per cent to Rs 1,34,171 crore in April-February FY14, against Rs 1,13,505 crore in the same period last fiscal. Customs duty contributed Rs 1,49,211 crore during the period, sources said. The Government has set a revised indirect tax collection target of Rs 5.19 lakh crore for 2013-14.
RBI takes steps for year-end tax collection
Mumbai: The Reserve Bank of India (RBI) on Wednesday directed banks to make special arrangement for meeting rush of tax-payers towards the end of March 2014. ‘It has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for extended hours till 8.00 pm on Saturday, March 29 and Monday, March 31 at locations where March 31, has not been declared as a public holiday,’ the RBI said in a notification.
Further, it said, ‘On Sunday, March 30 and on Monday, March 31 (at places where holiday has been declared), banks may keep select branches open as a regular working day for transacting government business at key locations identified by them.’ The decision has been taken following requested by the Government of India and some State Governments to facilitate collection and accounting of government transactions (such as receipts of taxes and revenue) for the current financial year up to March 31. It has been decided to conduct special clearing at all clearing houses across India on March 29, 30 and 31, 2014, it said.
Next Story
