India's indirect tax collection stands at 68.6 per cent by January end
New Delhi: The government said it has collected Rs 4.27 lakh crore, or 68.6 per cent of budget target for indirect tax, in the April-January period of this fiscal. The indirect tax revenue collections stood at Rs 3.98 lakh crore in the April-January period of the last fiscal.
"Indirect Tax Revenue (Provisional) collections have increased from Rs 3,98,238 crore in April-January 2014 to Rs 4,27,822 crore during April-January 2015. Thus an increase of 7.4% has been registered during April-January 2015 over the corresponding period in the previous year. This is an achievement of 68.6% of the target fixed for BE 2014-15," the Finance Ministry said in a statement. The budget target for indirect tax collections is Rs 6.23 lakh crore.
Giving details, it said January 2015 central excise duty collection stood at Rs 20,755 crore, a jump of 35.4% over the corresponding month last year. Central excise duty collection was at Rs 1.40 lakh crore in April-January of the ongoing fiscal, up 5.3% over Rs 1.33 lakh crore in the same period of previous fiscal.
Customs duty mop stood at Rs 16,718 crore in January 2015, up by 1% on an annual basis. Customs duty collection was at Rs 1.55 lakh crore in April-January of the ongoing fiscal, up 8.7% over Rs 1.42 lakh crore in the same period of previous fiscal.
Service tax collections grew by 6.3% to Rs 13,086 crore in January 2015 compared to Rs 12,309 crore in the same month in 2014. Service tax collection was at Rs 1.32 lakh crore in April-January of the ongoing fiscal, up 8.3% over Rs 1.22 lakh crore in the same period of previous fiscal.
Total indirect tax collection in January 2015 was Rs 50,559 crore, up 14.4% from Rs 44,189 crore collected in January 2014.
During April-January period of the ongoing fiscal, the government has met 76.9% of the budget target for customs duty collection, 68.3% for central excise collection target and 61.3% of service tax collection target.
