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Indirect tax mop-up rises 23% in Q1
August, 10th 2006
Riding on back of a booming economy, the Centres total indirect tax collections recorded a growth of 23.3% to Rs 50,372 crore in the first quarter ending June 30, 06. This includes service tax collection, which stood at Rs 7,173 crore during Q1 of this fiscal. The story got better in July. With a jump of 35.2% in customs duty collections, the government has collected 18.6% higher indirect tax revenues in the first four months (April-July) of this fiscal. Customs duty collection has reached Rs 26,703 crore during the April-July period, which was 35.2% higher than the Rs 19,752 crore collected in the same period of the previous fiscal. Excise duty mop-up have also saw a rise of 7.8% at Rs 32,754 crore in the first four months as against Rs 30,387 crore in April-July 05-06. Service tax collections grew by a whooping 63.4% to Rs 7,173 crore during the Q1 06-07 from Rs 4,390 crore in April-June 05-06. The internal target for the service tax has already been raised to Rs 40,000 crore from Rs 35,000 crore with the collections witnessing stupendous growth. However, the official target remains at Rs 35,000 crore. For July, the indirect tax department has garnered Rs 9,193 crore from excise duty in July 06-07, which was higher by 7% from Rs 8,596 crore in the same month last fiscal. Customs duty collections grew by 38.6% to Rs 7,065 crore in July 06-07 , according to the official data released here on Wednesday. Service tax collections grew by 67.5% to Rs 3,010 crore in June 06-07, as against Rs 1,797 crore in the same month previous fiscal.
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