Govt achieves indirect tax mop up target in FY12
New Delhi: Moderation in growth rate during 2011-12 has not impacted the revenue realisation, with the government achieving 99.6 percent of indirect tax collection target during the year, a finance ministry official said.
"We have achieved 99.6 percent of budgeted estimates of indirect tax collection target of last fiscal," said a senior official of the revenue department.
The government had fixed a target of Rs 3.92 lakh crore during 2011-12 for indirect taxes which includes central excise, customs and service tax.
The Revenue Department, sources said, has been able to achieve the indirect tax collection despite the moderation in economic growth.
The GDP growth, as per the estimates of the Central Statistical Organisation (CSO), has been estimated at 6.9 percent during 2011-12, down from 8.4 percent recorded in the previous two fiscals.
While the target for collection of Union excise duties was Rs 1.64 lakh crore, that for custom duty collections was Rs 1.51 lakh crore.
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