Indirect tax collections News

Finance Minister Arun Jaitley on Monday said that the indirect and direct tax collections between April and December this year increased by 25 percent and 12.01 percent respectively compared to the same period last year.

Indirect tax collections rose by about 30.8 percent during April-June period to Rs 1,99,790 crore compared to the same period last fiscal.

What comes out as a good news for the economy, a jump of 18 percent to Rs 43,391 crore was registered in net direct tax collections during the first two months of the current fiscal, the government said on Friday.

Indirect tax collections for the month of April 2016 stood at Rs 64,394 crore registering a growth of 41.8 percent as compared to Rs 45,417 crore collected during the same period previous year.

After two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met.  

In October 2015, indirect tax revenue collections rose 36.8 percent from a year ago.

The 36.5 percent rise in indirect tax collections "looks bigger because of certain additional revenue measures which we took since November last year", Jaitley said.

Indirect tax collections rose 36.5 percent in April-August to over Rs 2.63 lakh crore, suggesting that the underlying momentum in the economy is strong, the Finance Ministry said Wednesday.

The government can spend an additional Rs 37,200 crore more this fiscal year in infra investments or bank recapitalisation and still not miss the 3.9 percent fiscal deficit target, the domestic ratings agency India Ratings said in a report Wednesday.

The Finance Ministry on Wednesday said a steady 37 percent growth in indirect tax collections in four months to July reflects that underlying momentum in the economy is improving.

Indirect tax revenue jumped over 37 percent to over Rs 2.1 lakh crore during April-July period of current fiscal, on the back of higher excise collections.

The government's direct tax collections during April-November of this fiscal rose 5.67 percent to Rs 3.29 lakh crore over the same period a year ago.

The excise duty hike on petrol and diesel by Rs 1.50 per litre will generate Rs 11,000 crore in additional revenue for the government this fiscal, India Ratings said on Friday.

Indirect tax revenues rose marginally by 5.6 percent in the April-October period to over Rs 2.85 lakh crore, mainly on account of increase in service tax and customs collections.

Indirect tax mop up inched up by 4.6 percent in the April-August period of this fiscal, while customs duty and excise duty collections rose marginally.

Indirect tax collections rose by 4.6 percent from Rs 1,85,881 Crore in April-August 2013 to 1,94,492 Crore during April-August 2014.

Indirect tax mop up inched up by 4.5 percent in the April-June quarter of the current fiscal due to decline in custom duty and excise duty collections, reflecting slump in manufacturing activity.