Indirect tax collections up 16 per cent in May 2012
11 Jun 2012
Revenue collections from indirect taxes, including customs duty, central excise duty and service tax, increased by over 16 per cent to Rs37,166 crore in May 2012, from Rs32,019 crore in May 2011.
The percentage of growth in revenue during May 2012, after adjustment for deep cuts in duty rate on petroleum and petroleum products made effective from 25 June 2011, reflects the overall growth of 27.6 per cent over the revenue collection during May2011, a finance ministry release said today.
Overall growth in indirect tax collections during May 2012 was about 16.1 per cent year-on-year, and 5.7 per cent higher than last month's position.
Further, the progressive growth of indirect taxes during April-May of current financial year 2012-13 is 13.3 per cent, and in terms actual amount is Rs8,256 crore, also higher than in the corresponding period of last financial year.
Collection of revenue from central excise duty in May 2012 rose 16.2 per cent while the overall growth in central excise revenue up to May 2012 is 17 per cent.
Service tax revenue continues to be buoyant and has shown 45.4 per cent growth during May 2012. Customs duty growth is at 3.0 per cent during May 2012, though the growth in April 2012 was negative.
.webp)
