Indirect tax coffers rise 24 pc in Nov
New Delhi, Dec 10, 2015, DHNS:
Reaches Rs 55,297 crore
Indirect Tax collection increased 24.3 per cent to Rs 55,297 crore in November, backed by an excise duty collection of over 58 per cent by the government.
These collections are partly due to additional measures such as excise increases on diesel and petrol, higher clean energy cess, withdrawal of exemptions for motor vehicles, capital goods and consumer durables and an increase in service tax rate to 14 per cent from the earlier 12.36 per cent.
Service tax collection increased 16.1 per cent to Rs 14,789 crore year-on-year in November. The service tax collection was Rs 12,739 crore in November 2014, which is an achievement of 60.9 per cent of the Budgetary target for 2015-16. The customs duty collection, however, increased marginally to Rs 17,475 crore in November, which is a 1.7 per cent increase year-on-year.
Indirect tax collection in the April-November period jumped to 34.3 per cent to stand at Rs 4,38,291 crore, as against the target of Rs 6,46,000 crore by March 31, 2016. Excise duty collection was up 67 per cent during this period, while customs duty collection rose by 14.7 per cent. Service tax collection showed an increase of 25 per cent in the April-November period.
As per the Budget Estimate 2015-16, the government aims to collect Rs 6.46 lakh crore from indirect taxes — central excise, customs and service tax.
These collections are partly due to additional measures such as excise increases on diesel and petrol, higher clean energy cess, withdrawal of exemptions for motor vehicles, capital goods and consumer durables and an increase in service tax rate to 14 per cent from the earlier 12.36 per cent.
Service tax collection increased 16.1 per cent to Rs 14,789 crore year-on-year in November. The service tax collection was Rs 12,739 crore in November 2014, which is an achievement of 60.9 per cent of the Budgetary target for 2015-16. The customs duty collection, however, increased marginally to Rs 17,475 crore in November, which is a 1.7 per cent increase year-on-year.
Indirect tax collection in the April-November period jumped to 34.3 per cent to stand at Rs 4,38,291 crore, as against the target of Rs 6,46,000 crore by March 31, 2016. Excise duty collection was up 67 per cent during this period, while customs duty collection rose by 14.7 per cent. Service tax collection showed an increase of 25 per cent in the April-November period.
As per the Budget Estimate 2015-16, the government aims to collect Rs 6.46 lakh crore from indirect taxes — central excise, customs and service tax.
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