Indirect tax collection up 5% in April-November, crosses Rs 3 lakh cr

Written by PTI | Updated: Dec 23 2013, 08:39am hrs
Amid a slowing economy, indirect-tax collections grew by 5% in the April-November period of this fiscal. Total collection of indirect taxes excise, customs and service tax stood at about R3,07,568 crore during the first eight months of the current financial year against R2,93,145 crore in the year-ago period, sources in

the finance ministry told PTI. Excise collection dropped 5.1% during the period to over R1,03,629 crore, against R1,09,180 crore in the same period in the previous fiscal year, reflecting a slump in manufacturing activity. Customs mop-up was up 7% to R1,11,844 crore during the period, sources told PTI. Service-tax collection, which has become a new focus area for revenue officials, grew by 16% to R92,095 crore during the period. The government has set an indirect-tax collection target of R5.65 lakh crore for

2013-14, up from R4.73 lakh crore in the previous fiscal.