Indirect tax kitty likely to be at Rs 2.57 lakh cr
April, 06th 2010
Led by buoyant customs collection, the indirect tax mop-up is likely to be around Rs 2.57 lakh crore for 2009-10, higher than the revised estimate of Rs 2.44 lakh crore.
Sources in the finance ministry said collections from customs stood at over Rs 1 lakh crore against the revised estimate of Rs 84,477 crore for the past fiscal.
Excise collection is also marginally higher at Rs 1.04 lakh crore compared with the revised estimate of Rs 1.02 lakh crore, they said.
Service tax collection, however, may be short of the target. The mop-up from services sector has fallen short by about Rs 5,000 crore at Rs 53,000 crore, lower than the revised estimate of Rs 58,000 crore, officials said.
The initial Budget estimate for the total indirect tax was Rs 2.69 lakh crore, which was later revised to Rs 2.44 lakh crore.
Customs rode on revival in imports. After falling for 11 months since January 2009, imports rose by 27 per cent last December, 35 per cent in January and it was up by 66 per cent in February mainly on back of impressive industrial activity.
Industrial production grew by a 17.6 per cent in December last year and by 16.7 per cent in January this year leading to higher imports.
Customs on crude oil was raised to 5 per cent from zero per cent in the Budget for 2010-11 on February 26.