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

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SummaryAmid a slowing economy, indirect-tax collections grew by 5% in the April-November period of this fiscal

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.

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