Indirect Tax Collection Rises 36.7% During August: FinMin

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In the month of August, indirect tax revenue (provisional) collections increased by 36.7 per cent compared with August 2014, while cumulatively, in April-August 2015 indirect tax collections increased by 36.5 per cent percent over the same period last year, while, the asking rate for 2015-16 is 18.8 per cent, according to data released by ministry of finance.

Indirect Tax Collection Rises 36.7% During August: FinMin

Overall, in monetary terms, the indirect tax revenue (provisional) collections increased to Rs 2,63,089 crore during April-August 2015 from Rs 1,92,677 crore during April-August 2014.

In the month of August 2015 alone, the collections increased to Rs 54,396 crore from Rs.39,781 crore in August 2014.

Collections on account of Central Excise increased from Rs.60,663 crore in April-August 2014 to Rs 1,02,945 crore in April-August 2015 and thereby registering an increase of 69.7 per cent.

In case of Service Tax, collections increased from Rs 61,693 crore in April-August 2014 to Rs 75,006 crore in April-August 2015 and thereby registering an increase of 21.6 per cent.

Collections on account of Customs increased from Rs 70,321 crore in April-August 2014 to Rs 85,138 crore in April-August 2015 and thereby registering an increase of 21.1 per cent.

These collections reflect in part increase due to additional measures taken by the Government from time to time, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles, capital goods and consumer durables, and from June 2015, the increase in Service Tax from 12.36 to 14 per cent; customs duties collections have been aided by the rupee depreciation of 6 per cent between April and August this year.

These collections continue to suggest a healthy growth in the underlying tax base.

Read more about: indirect tax
Story first published: Thursday, September 10, 2015, 12:20 [IST]
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