Indirect tax collections grow 15.6% in Apr-Sep
New Delhi: Indirect tax collections have risen at a low rate of 15.6 percent to Rs 2.17 lakh crore in April-September, against the annual target of 27 percent, due to slowdown in economic activity.
The excise duty collection during April-September period totalled Rs 80,000 crore, while customs duty mop up at Rs 77,000 crore, acording to sources in the tax department.
The service tax collection was Rs 60,000 crore during the period.
The government has fixed the target of indirect tax collection, comprising customs, excise and service tax, at Rs 5.05 lakh crore for the current fiscal, an increase of about 27 percent from 2011-12 target.
In September, the tax collection was Rs 22,000 crore, showing a growth of about 19 percent over the realisation in the same month last fiscal.
Revenue from customs duty totaled Rs 8,000 crore and from excise at Rs 8,110 crore. Service tax collection was Rs 5,890 crore in September.
The collection from service tax is likely to be higher in October and subsequent months as the government has imposed the duty on railways also, which till September was exempted from the ambit of the tax.
The exchequer is expected to earn about Rs 3,000 crore from the service tax decision coming into force from October 1.
Industrial output growth during April-August 2012-13 was 0.4 percent, down from 5.6 percent in the same period last fiscal.
Meanwhile, the gross direct tax collection during the first six months of 2012-13 worked out to be Rs 2.72 lakh crore, up 5.87 percent from Rs 2.57 lakh crore in the corresponding period last year.
The direct tax collection should increase by 15 percent to meet the target of Rs 5.7 lakh crore for the fiscal.