Amidst better performance by the manufacturing and service sector, the indirect tax collections soared by impressive 37 per cent during April-July period in FY 2015-16, said an official statement.
"Even after discounting for additional revenue raising measures taken, indirect tax collections improved by 14.6 per cent in April-July, indicating the target was realistic," Finance Minister Arun Jaitely said at the two day Annual Conference of the Chief Commissioners and Directors General of the Central Board of Excise & Customs (CBEC).
Jaitley further said though the Indian economy is not impervious to global events, yet the growth in manufacturing and services sector, as reflected by the increase in indirect tax collections, and a fair monsoon indicate that the economy is showing strong revival and growth.
Going by the robust trend in April-July tax receipts, Finance Minister mentioned that the tax collection targets of 18.8 per cent for 2015-16 are realistic and should be achieved, "Our fiscal deficit figure (is) under control. Inflation is under control.
We stand by the growth projections which we made at the beginning of the year and indirect taxation data actually supplements the idea of those projections," he told the officers.