Indirect tax collections increase by 4%; Service tax up 16% during April-July 2014
August, 20th 2014
Indirect tax revenue collections in the first four months of the financial year have reached 25% of the budget estimates
Indirect tax revenue collections have increased 4% to Rs1,54,350 crore during April-July 2014 from Rs1,48,588 crore in April-July 2013, according to provisional data released by the Ministry of Finance. Service tax collections have reported the highest increase growing by 16.4% to Rs50,850 crore during April-July 2014 from Rs43,693 crore in April-July 2013. The total indirect tax revenue in the first four months of the financial year has reached 25% of the budget estimates.
Tax collections under customs have fallen by about 2% to Rs55,305 crore during April-July 2014 compared to the same period a year ago. Central excise collection has fallen marginally to Rs48,195 crore for over the same period this year compared to Rs48,369 crore in the year earlier.
Collections under customs have been the highest during April-July 2014 and have reached 27% of the budget estimates. Central excise and service tax revenues have reached 23.5% each of the budget estimates.