The Centres indirect tax collections have risen 10% in April to R32,000 crore as against just over R29,000 crore garnered in the same month of the previous year. Coming on top of a 3.5% contraction in industrial production in March, the 10% rise in indirect tax revenue in the first month of the current fiscal was somewhat reassuring.
Indirect tax collection grew 14% in 2011-12.
Excise revenue grew an impressive 18% to R12,500 during the month under review as against R10,600 during April, 2011.
The higher excise collections in April, partly attributable to the hike in duty to 12% in the Budget, reflects better health of the industry and could signal a likely pick up in IIP growth in April, said a finance ministry official.
We hope that a pick up in infrastructure activities in the country would give much needed fuel to the manufacturing sector in the coming months, said a top