Indirect tax refunds equalled Rs 43,409 crore in Apr-Feb
March, 12th 2014
The revenue department refunded Rs 43,409 crore in customs, excise duty and service tax refunds in April-February this fiscal, which was 27.4 per cent higher than that in the same period last year, the government said today. The department had refunded Rs 37,049 crore in the same period of 2012-13.
Service tax refund was at Rs 2,111 crore during the period under review this fiscal, against Rs 1,328 crore in the year-ago period. Custom tax refund was also higher at Rs 18,144 crore this fiscal, against Rs 14,867 crore last year, according to a Finance Ministry's release.
Central excise duty refund in April-February FY14 was 19.5 per cent higher at Rs 23,154 crore compared to Rs 17,884 in the same period of last fiscal. Government's indirect tax collection target for 2013-14 is Rs 5.19 lakh crore as per the Revised Budget Estimate.