Indirect tax collection up 13.8 pc in Apr-Jun
The buoyancy in tax collection was witnessed in excise and service tax, though growth in customs realisation remain subdued. The total realisation was, however, below the annual growth target of 27 per cent. In the June quarter of current fiscal, Service Tax collection rose by 40.8 per cent to Rs 28,068 crore. Excise duty mop up was also up by 29.8 per cent at Rs 41,147 crore.
Goel further said that but for adjusting the reduction in customs and excise duties in petroleum products, the indirect tax collection during the quarter would have been higher at 25 per cent. The collection from customs rose 12.2 per cent to Rs 38,744 crore, after adjusting for the cut in petroleum duties in June last year, he said. Recent economic data suggests some revival in the industrial output, which rose by 2.4 per cent in May as against a (-) 0.9 per cent contraction witnessed in April.
The government has fixed indirect tax– comprising customs, excise and service tax– collection target at Rs 5.05 lakh crore for the current fiscal, an increase of about 27 per cent from 2011-12 target. The indirect tax mop-up in 2011-12 at Rs 3,92,781 crore was 99.6 per cent of the Budget Estimate. The gross direct tax collections in the April-June period grew by 6.77 per cent to Rs 1.11 lakh crore, less than the targeted annual growth of 15 per cent.