Indirect tax trove expands 12.6% to hit Rs 1.13 lakh cr
September, 13th 2008
Boosted by robust collection of import duty and service tax, the governments revenue receipts touched Rs 1,12,643 crore in the first five months of the fiscal, a growth of 12.62%. The collection during April-August amounts to 35% of the Budget estimates for 2008-09.
Receipts from import duty and excise duty rose 10.5% in the first five months of the fiscal to Rs 93,856 crore, the government said on Friday. Customs duty receipts were up 17.8% during the period to Rs 47,734 crore while excise collection grew 3.7% to Rs 46,122 crore, the finance ministry stated here.
In August alone, Customs duty receipts rose 8.9% to Rs 9,484 crore, which surpassed the growth in excise duty, which rose 1.2% to Rs 10,013 crore in the month. Total indirect tax collections in August, excluding service tax, rose 4.8% from the same month last year and stood at Rs 19,497 crore.
Service tax collections showed a spectacular jump of 25% in the first five months of the fiscal to Rs 18,787 crore. In August too, service tax receipts were up 9.4% to Rs 3,876 crore, the finance ministry said.
Budget 2008 has estimated indirect tax collections at Rs 3,21,264 crore during the fiscal, which include Rs 1,18,930 crore from Customs, Rs 1,37,874 crore from excise and Rs 64,460 crore from service tax.
Meanwhile, during April-August 2008, the net direct tax collections stood at Rs 84,409 crore, up 38.31% from Rs 61,030 crore in the same period last year.