Centre’s FY15 indirect tax collections up nearly 10% at Rs5,46,479 crore

Indirect tax collections of the central government during the 2014-15 fiscal have reached Rs5,46,479 crore, exceeding the revised estimate of Rs5,42,325 crore by Rs4,000 crore, official data released on Thursday showed.

At Rs5,46,479 crore, indirect tax collections during the financial year 2014-15 increased by 9.9 per cent, compared to the actual collections of Rs4,97,061 crore during the 2013-14 financial year.

Presenting the 2015-16 Union Budget on 28 February, finance minister Arun Jaitley had projected a Rs82,000 crore shortfall in indirect tax collection in 2014-15.

Analysts now expect a 20 per cent overall growth target for indirect taxes for 2015-16 as an achievable target, provided the manufacturing sector gets the expected push through 'Make in India' and the service tax revenue growth keeps pace.

The centre has projected a Rs41,000 crore increase in service tax revenue, a Rs44,000 crore rise in excise duty and a Rs20,000 crore increase in customs duty collections in the 2015-16 current fiscal.