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Indirect tax mop up zooms 30.8% to Rs 1.99 lakh cr in Apr-Jun

Indirect tax collections rose by about 30.8 percent during April-June period to Rs 1,99,790 crore compared to the same period last fiscal.



New Delhi: Indirect tax collections rose by about 30.8 percent during April-June period to Rs 1,99,790 crore compared to the same period last fiscal.

"Total indirect tax collection during Q1 April-June, 2016 has registered a growth of 30.8 per cent to Rs 1,99,970 crore over Rs 1,52,740 crore collected last year," the Finance Ministry said in a statement.

The collections up to June indicates that 25.7 percent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal.

Indirect tax revenue includes collections from excise, customs and service tax.

Central Excise revenue collection in the first quarter of the fiscal grew 50.1 percent to Rs 91,225 crore as against Rs 60,787 crore collected in the same period last fiscal.

Service tax revenue during April-June grew 20.8 percent to Rs 53,757 crore as against Rs 44,503 crore collected last year, the statement said.

Customs revenue collection during April-June has been Rs 54,808 crore as against Rs 47,450 crore collected last year - a growth of 15.5 percent.

Total indirect tax collection in June stood at Rs 67,755 crore against Rs 56,277 crore.

Central Excise duty collection in June recorded a growth of 41.2 percent to Rs 30,982 crore, while Service tax collection in the same month recorded growth of 8 per cent to Rs 18,266 crore.

Customs duty collection in June stood at Rs 18,507 crore.

Finance Minister Arun Jaitley has pegged indirect tax collection target at Rs 7.78 lakh crore in 2016-17, up 9.7 percent from Rs 7.09 lakh crore actual collections of the previous fiscal.

From Zee News

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