Indirect tax collection up 41.8% at Rs64,394 cr in April
11 May 2016
Indirect tax collection in the country spurted 41.8 per cent year-on-year in April 2016 to Rs64,394 crore compared with Rs45,417 crore collected in the corresponding month last year (April 2015), official data released today showed.
Excise collections recorded a growth of 70.7 per cent while service tax collections grew 27.9 per cent in April 2016.
Overall growth in revenue collections on account of indirect taxes excluding additional revenue measures stood at 17 per cent. This represented an achievement of 8.3 per cent gain over the budget target for the fiscal year 2016-17.
The central budget's revenue collection estimates for 2016-17 target indirect tax collection of Rs7,78,000 crore against the actual collections on account of indirect taxes during 2015-16 of Rs7,09,022 crore.
There is thus a 7.7 per cent increase in budget estimates for 2016-17 over the last year's actual collections.
As far as central excise collections in April 2016 are concerned, Rs28,252 crore were collected during the month compared to Rs16,546 crore in the corresponding period in the previous year and thus registering a overall growth of 70.7 per cent.
Total service tax collections in April 2016 amounted to Rs18,647 crore compared with Rs14,585 crore during the corresponding period last year, thereby showing a growth of 27.9 per cent in service tax collections.
Customs revenue collections in April 2016 rose 22.5 per cent to Rs17,495 crore, against Rs14,286 crore collected during April 2015.