Indirect tax collections up 30% to Rs 2.71 lakh crore till July
Indirect tax collections rose by 29.9 percent during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up.
New Delhi: Indirect tax collections rose by 29.9 per cent during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up.
"The figures for indirect tax revenue (provisional) collections up to July, 2016 show that the net revenue collections are at Rs 2,71,719 crore as compared to Rs 2,09,217 crore for the corresponding period last year and thereby registering a growth of 29.9 per cent in the net collections," the Finance Ministry said in a statement today.
Till July 2016, 34.9 per cent of the Budget Estimates of indirect taxes for 2016-17 has been achieved, it added.
Indirect tax revenue includes collections from excise, customs and service tax.
Central excise revenue collection in the first four months of the fiscal grew 50.8 per cent to Rs 1,23,273 crore as against Rs 81,748 crore collected in the same period last fiscal.
Service tax revenue during April-July grew 25.8 per cent to Rs 76,679 crore as against Rs 60,974 crore collected last year, the statement said.
Customs revenue collection in the period stood at Rs 71,767 crore as against Rs 66,495 crore collected last year, showing a growth of 7.9 per cent.
Total indirect tax collection in July stood at Rs 68,341 crore against Rs 55,388 crore earlier.
Central excise duty collection in July recorded a growth of 53.8 per cent to Rs 31,782 crore, while service tax mop-up in the same month recorded growth of 25 per cent to Rs 19,600 crore.
Customs duty collection in July stood at Rs 16,959 crore.
Finance Minister Arun Jaitley has pegged indirect tax mop-up target at Rs 7.78 lakh crore in 2016-17, up 9.7 per cent from Rs 7.09 lakh crore collected in the previous fiscal.