Indirect tax collection at Rs 4.41 lakh crore in April-February
March, 27th 2014
Indirect tax collections grew by 5.6 per cent to Rs 4,41,826 crore in the April-February period of this fiscal amid a slowing economy.
Total collection of indirect taxes — excise, customs and service tax — in February rose by 5 per cent to Rs 43,794 crore, against Rs 41,714 crore in the same month last fiscal, official sources said.
Service tax collection grew 15.4 per cent to Rs 12,181 crore in the last month, against Rs 10,556 crore in the year-ago period.
Customs mop-up stood at Rs 15,109 crore, while Central Excise collection was at Rs 16,504 crore in the month.
Total collection of indirect taxes stood at Rs 4,18,286 crore during April-February 2012-13.
Excise collection dropped by 3.8 per cent to Rs 1,49,711 crore during April-February FY14, against Rs 1,55,570 crore in the same period last fiscal year, reflecting a slump in manufacturing activity, the sources said.
Service tax collection, which has become a new focus area for revenue department, grew by 18.2 per cent to Rs 1,34,171 crore in April-February FY14, against Rs 1,13,505 crore in the same period last fiscal.
Customs duty contributed Rs 1,49,211 crore during the period, sources said.
The Government has set a revised indirect tax collection target of Rs 5.19 lakh crore for 2013-14.