Indirect tax collection up 13.8% in Apr-Jun
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Indirect tax collection up 13.8% in Apr-Jun

Last Updated: Wednesday, July 18, 2012, 22:11
 
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Indirect tax collection up 13.8% in Apr-Jun
New Delhi: Giving indication of some recovery, the indirect tax collections during the first (April-June) quarter of the current fiscal rose by 13.8 percent to over Rs 1.07 lakh crore.

"In the April-June quarter with a receipt of Rs 1,07,959 crore, we have achieved a growth of 13.8 percent over Rs 94,849 crore collection in the corresponding period last year," Central Board of Excise and Customs (CBEC) Chairman S K Goel told reporters here.

The buoyancy in tax collection was witnessed in excise and service tax, though growth in customs realisation remains subdued. The total realisation was, however, below the annual growth target of 27 percent.

In the June quarter of current fiscal, Service Tax collection rose by 40.8 percent to Rs 28,068 crore. Excise duty mop up was also up by 29.8 percent at Rs 41,147 crore.

Goel further said that but for adjusting the reduction in customs and excise duties in petroleum products, the indirect tax collection during the quarter would have been higher at 25 percent.

The collection from customs rose 12.2 percent to Rs 38,744 crore, after adjusting for the cut in petroleum duties in June last year, he said.

Recent economic data suggests some revival in the industrial output, which rose by 2.4 percent in May as against a (-) 0.9 percent contraction witnessed in April.

The government has fixed indirect tax-- comprising customs, excise and service tax-- collection target at Rs 5.05 lakh crore for the current fiscal, an increase of about 27 percent from 2011-12 target.

The indirect tax mop-up in 2011-12 at Rs 3,92,781 crore was 99.6 percent of the Budget Estimate.

The gross direct tax collections in the April-June period grew by 6.77 percent to Rs 1.11 lakh crore, less than the targeted annual growth of 15 percent.

PTI


First Published: Wednesday, July 18, 2012, 22:11


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