1. Indirect tax collection up 35.8% in April-Sept period

Indirect tax collection up 35.8% in April-Sept period

Indirect tax collection was up 35.8 per cent to over Rs 3.24 lakh crore in the first half of the current fiscal, reflecting growth in economic activity.

By: | New Delhi | Updated: October 9, 2015 7:38 PM
income tax

Indirect tax collection was up 35.8 per cent to over Rs 3.24 lakh crore in the first half of the current fiscal, reflecting growth in economic activity. (Express photo)

Indirect tax collection was up 35.8 per cent to over Rs 3.24 lakh crore in the first half of the current fiscal, reflecting growth in economic activity.

Indirect tax collection in the April-September) of the last fiscal, 2014-15, was about Rs 2.38 lakh crore.

The growth rate in collection during the first half of 2015-16 is double the budget requirement of 18.8 per cent for the full fiscal.

Bulk of the growth in the indirect taxes has been contributed by excise duty collection which grew 69.6 per cent during the period, a Finance Ministry official told PTI.

Excise collection during April-September 2015-16 was over Rs 1.25 lakh crore, as against Rs 74,019 crore in the same period last fiscal.

Customs mop up grew 17.5 per cent to over Rs 1.03 lakh crore during the six months.

Service tax revenue grew 24.3 per cent to Rs 95,493 crore.

The collection also reflects hike in excise duty on diesel and petrol, withdrawal of tax exemptions for motor vehicles, increase in clean energy cess and hike in service tax rate in June.

The government has budgeted to collect over Rs 6.47 lakh crore from indirect taxes in the current fiscal, a growth of 18.8 per cent over last fiscal.

Tags: Income Tax
  1. M
    Murthy Suppusamy
    Oct 9, 2015 at 10:12 pm
    All the ried people are double taxed!. Govt has miserably failed in collecting Direct Taxes(Income taxes). The world Bank says only 12.4% are living below poverty line. If so, why then only less than 4 crore people are filing Income tax Returns? The potion is 121 Crores. ried cl pays 30% Income tax. Plus they pay Indirect taxes on Petrol(43%), Soap(20%), toothpaste(20%), haircut(20%) etc. Poor ried cl people!.
    Reply

Go to Top