New Delhi: Indirect tax collections rose 23 per cent to Rs 39,787 crore in July, against Rs 32,289 crore in the corresponding month last year. For this financial year, the government has set an indirect tax target of Rs 5.05 lakh crore, 27 per cent more than the mop-up in 2011-12.
A meagre eight per cent growth in customs collections, owing to contraction in imports, pulled down the overall indirect tax mop-up. Collections from levy of customs duty stood at Rs 12,486 crore in July, against Rs 11,540 crore in the year-ago period.
Excise and service tax collections, however, recorded 27.6 per cent and 37.4 per cent growth, respectively, owing to a two-percentage point rise in both excise and service tax in the Budget. The growth in these collections was also aided by the introduction of a negative list for services, which helped widen the tax base. Excise duty collections in July stood at Rs 15,715 crore, against Rs 12,316 crore in the year-ago period. This was despite official data showing industrial production contracted 0.1 per cent in the quarter ended June. Service tax collections rose to Rs 11,586 crore, compared with Rs 8,433 crore in the corresponding month last year.
Source: Venture Intelligence
For the April-July period, indirect tax collections rose 14.5 per cent to Rs 1.25 lakh crore, against Rs 1.09 lakh crore in the year-ago period. While service tax collections rose about 40 per cent to Rs 30,917 crore in this period from Rs 21,100 crore in the year-ago period, excise duty collections rose 18.4 per cent to Rs 42,934 crore. Customs duty collections increased just 0.8 per cent to Rs 51,173 crore.
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