Indirect tax receipts in April-January of this fiscal rose 7.4%, the best performance so far this fiscal...
Indirect tax receipts in April-January of this fiscal rose 7.4%, the best performance so far this fiscal, to Rs 4.2 lakh crore on the back of higher duties on petroleum products and withdrawal of stimulus for the auto sector.
Collection from excise, customs and service tax in the first 10 months of the fiscal has reached 68.8% of the full year growth target. The growth rate, however, is far below the 20% target for the full year.
Growth in excise collection, which was in the negative zone in the initial months of the year, has rebounded to 35.4% in December, taking the overall growth rate in this levy to 5.3% for April-January. The tax department collected Rs 20,755 crore in December alone and Rs 1.4 lakh crore so far this fiscal.
Customs duty receipts grew 1% in December to Rs 16,718 crore, but collections so far this fiscal grew 8.7% to Rs 1.55 lakh crore.
Service tax receipts, which had shown double digit growth in the initial months of the fiscal, grew at 6.3% in December. The department collected Rs 13,086 crore in December and Rs 1.32 lakh crore so far this year, showing a growth of 8.3%.