New Delhi: Indirect tax collection rose by 42.3% to Rs2.07 lakh crore during April-November this year as compared to corresponding period last year, indicating uptick in economic activities, reports PTI.
“Last year’s collections of Rs1.45 lakh crore during the same period constituted an achievement of 54.5% of the overall target fixed for indirect tax collections for the year 2009-10,” an official statement said.
In the current year, indirect tax collections during April-November constitute 66.3% of the overall target of Rs3.13 lakh crore fixed for 2010-11. The indirect tax mainly constitutes customs, central excise and service tax.
The Indian economy is already on a recovery path, registering a gross domestic product (GDP) growth of 8.9% in the first half of the current fiscal. Similarly, industrial output in October rose by 10.8% on back of healthy performance of sectors such as automobile, electronic goods and power.
The Index of Industrial Production (IIP) growth rate on the average stood at 10.3% during the April-October period.
Revenue collections from customs have increased to Rs86,844 crore during April-November 2010, which is 67% higher than the previous year’s collections of Rs52,011 crore in the same period. This constitutes an achievement of 75.5% of the target of Rs 1.15 lakh crore for the whole year 2010-11, the statement said.
The mop up from central excise also rose to Rs81,984 crore during the period April-November 2010, an increase of 34.4% over the previous year’s collection of Rs61,020 crore during the same period.
“These constitute an achievement of 62.8% of the target of Rs1.30 lakh crore fixed for the current financial year 2010-11,” the statement added.
As far as revenue collections from service tax for the period April-November 2010 is concerned, it stood at Rs38,927 crore, an increase of 18.2% over the previous year’s collections of Rs32,927 crore during the same period.
Service tax collections made in the first eight months of the current financial year constitute an achievement of 57.2% of the overall target of Rs68,000 crore fixed for the full financial year 2010-11, it added.