Indirect tax collections has registered growth of 20 per cent to Rs 4.17 lakh crore in April-February period of the ongoing fiscal.

The Budget targetted 27 per cent growth in the indirect tax collections in 2012-13 financial year.

The excise duty collection during April-February period totalled Rs 1.54 lakh crore, while customs duty mop up was at Rs 1.5 lakh crore, according to sources in the tax department.

The service tax collection was Rs 1.13 lakh crore during the period.

The government had 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 per cent from 2011-12 target.

In February, the indirect tax collection was Rs 41,000 crore.

Meanwhile, macroeconomic data has shown initial signs of recovery.

After declining for two months in a row, industrial output in January grew by 2.4 per cent. As per the IIP data, the industrial production has recorded an increase of 1 per cent during the 10-month period (April-January 2012-13), down from 3.4 per cent in the same period of 2011-12.

RBI is scheduled to announce its mid-quarter review of monetary policy on March 19 and there is widespread expectation that the central bank will cut policy rates to boost growth prospects.