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Indirect tax collection up 5% in Apr-Nov: Report

By Religare
Indirect tax collection up 5% in Apr-Nov: Report
Further adding to the woes of the policymakers struggling to meet fiscal deficit target this fiscal, the indirect tax collections grew by just 5 per cent in the eight months to November this fiscal.

According to a PTI report, the total indirect tax collection including excise, customs and service tax, stood at Rs 3,07,568 crore during the first eight months of the current financial year against Rs 2,93,145 crore in the year-ago period.

The period saw excise collections witnessing a drop of 5.1 per cent at Rs 1,03,629 crore, against Rs 1,09,180 crore in the same period in the previous fiscal year, signalling the deteriorating health of manufacturing sector.

The PTI report also said customs duty collections increased by 7 per cent at Rs 1,11,844 crore during the period, while services witnessed 16 per cent growth at Rs 92,095 crore.

The government has set a target of Rs 5.65 lakh crore for the current fiscal.

Dion Global Solutions Ltd.

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