Indirect tax collections grow 5% in Apr-Nov
Indirect tax collections increased by 5 per cent year-on-year in the April to November period of the current financial year, sources from the Ministry of Finance revealed.
According to the sources, total collection of indirect taxes jumped to nearly Rs 3,07,568 crore during the first eight months of 2013-14, from Rs 2,93,145 crore in the corresponding period of the previous year.
The list of indirect taxes includes excise duty, custom duty and service tax. The government collected Rs 111,844 crore in customs, up 7 per cent from what was collected during the corresponding period of the previous year.
Service tax collection grew 16 per cent year-on-year to settle at Rs 92,095 crore in the eight-month period under review, thanks to the government's increased focus on this area.
However, excise tax collection slipped 5.1 per cent during the eight-month period to around Rs 103,629 crore, from Rs 1,09,180 crore in the corresponding period in the previous financial year. The drop in excise tax collection reflected slump in the country's manufacturing activity.
The government aims to collect Rs 5.65 lakh crore in taxes during the twelve months ending March 31, 2014, up from Rs 4.73 lakh crore in the previous financial year.