Govt barely mops up 68.6% of FY'15 indirect tax target in 10 months

With just two months left for the financial year-end, gross indirect tax collection of the central government has barely reached 68.6 per cent of the budget target despite a year-on-year increase in tax collection. The budget target for indirect tax collections is Rs6,23,000 crore for the 2014-15 financial year.

Indirect tax revenue collection of the central government stood at Rs4,27,822 crore during April-January 2014-15, up 7.4 per cent from Rs3,98,238 crore collected in April-January 2013-14, provisional estimates released on Thursday showed.

Customs duty collection increased to Rs1,55,248 crore during April-January 2015 from Rs1,42,835 crore during April-January 2014, posting an increase of 8.7 per cent and achieving 76.9 per cent of the budget target for 2014-15.

Service tax collection increased to Rs1,32,290 crore during April-January 2015, from Rs1,22,196 crore in April-January 2014, posting an increase of 8.3 per cent. This is an achievement of 61.3 per cent of the budget target for 2014-15.

Central excise collection increased to Rs1,40,284 crore during April-January 2015, from Rs1, 33,207 crore in April-January 2014, recording an increase of 5.3 per cent and achieving 68.3 per cent of the target fixed in the 2014-15 budget.