Economy

Indirect tax collections up 3.9 % in April-July

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The growth at 3.9 per cent is far less than 25 per cent annual increase envisaged in the Budget for the full 2014-15 fiscal.

Indirect tax mop up inched up by 3.9 per cent in April-July of the current fiscal even as customs duty and excise duty collections declined, reflecting subdued manufacturing activity.

Indirect tax collections comprising excise, customs and service tax stood at about Rs.1.54-lakh crore in the first four months of 2014-15 against Rs.1.48-lakh crore in the corresponding period a year ago, the finance ministry said in a statement.

The growth at 3.9 per cent is far less than 25 per cent annual increase envisaged in the Budget for the full 2014-15 fiscal.

Excise collections contracted 0.4 per cent during the quarter to over Rs.48,195 crore. Customs mop up has declined by 2.2 per cent to over Rs.55,305 crore from Rs.56,526 crore.

Service tax collections grew by 16.4 per cent to Rs.50,850 crore.

Indirect tax collections in July grew by 4.9 per cent to Rs.41,890 crore. Excise duty mop up grew by 7.5 per cent to Rs.14,127 crore, whereas customs duty collections grew by 0.2 per cent to Rs.15,756 crore. Service tax mop up grew by 8.4 per cent to Rs.12,007 crore from Rs.11,076 crore.

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Printable version | Jan 18, 2020 8:25:06 AM | https://www.thehindu.com/business/Economy/indirect-tax-collections-up-39-in-apriljuly/article6332395.ece

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