Indirect tax collections grow 15.6 % in first half
October, 16th 2012
Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity.
Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at Rs.77,000 crore, according to sources in the tax department. Service tax collections were Rs.60,000 crore during the period.
The government has fixed the 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 per cent from the 2011-12 target.
In September, tax collections were Rs.22,000 crore, showing a growth of about 19 per cent over the realisation in the same month last fiscal.
Revenues from Customs duty totalled Rs.8,000 crore and from excise at Rs.8,110 crore. Service tax collections were Rs.5,890 crore in the said month.
Meanwhile, gross direct tax collections in the first six months of the current fiscal worked out to be Rs.2.72 lakh crore, up 5.87 per cent from Rs.2.57 lakh crore in the corresponding period last year.
Direct tax collections should increase by 15 per cent to meet the target of Rs.5.70 lakh crore for the fiscal.