The government’s revenue from excise, customs and service tax grew an impressive 37.4% in the April-June period of this year to Rs 1.54 lakh crore.
The government’s revenue from excise, customs and service tax grew an impressive 37.4% in the April-June period of this year to Rs 1.54 lakh crore. The push came from hikes in the service tax rate and clean energy cess, besides addition to last year’s withdrawal of stimulus measures given to automobiles and consumer durables.
Indirect tax collection growth of 33.3% in the month of June, however, is slower than the 46.2% growth recorded in April and the 37% recorded in May this year, according to figures released by the finance ministry on Saturday. The government has set a target of collecting R6.46 lakh crore from excise, customs and service tax this year, an 18.8% growth from last year’s receipts. June collections stood at R57,357 crore.
A finance ministry statement said the figures reflect in part the additional measures taken to mobilise revenue, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables, and in June, the increase in service tax from 12.36% to 14%.