Indirect tax collections during the April-June period rose by 13.8 percent to over Rs 1.07 lakh crore, much slower than the targeted 27 percent growth for this fiscal.
“The overall indirect tax figure for April-June 2012 stood at Rs 1,07,959 crore, up 13.8% from corresponding period last year,” a senior finance ministry official told PTI.
“We will achieve this year’s indirect tax collection target of Rs 5.05 lakh crore”, he said.
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.
During the first quarter of the current fiscal, the collections on account of customs and excise duty stood at Rs 38,744 crore and Rs 41,147 crore respectively. Besides, service tax levy contributed Rs 28,068 crore to the central exchequer.
For the month of June, indirect tax collection grew by 14.8% to Rs 37,748 crore. While collections from customs duty stood at Rs 13,284 crore, excise mop up during the month stood at Rs 13,849 crore. Besides, service tax
collection was at Rs 10,615 crore.
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.
(curtsey : first post)
Head Research Department