Indirect tax revenue News

Indirect tax collections rose by 29.9 percent during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up.

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.

Growth in collection of indirect taxes in the first half of the current fiscal shows robust GDP expansion, Chief Economic Advisor Arvind Subramanian has said.  

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.

IIP data showed that the growth in factory output in the first two months of the fiscal was 3 percent as against 4.6 percent in April-May of 2014-15.

The Finance Ministry Thursday said the spurt in indirect tax collections this fiscal was an indication of economic recovery though there was some need for caution as these were only early indications.

Led by over two-fold surge in excise duty collections, indirect tax revenue jumped 46.2 percent to Rs 47,747 crore in April this year compared to the same month last year.

E-commerce is covered under the Consumer Protection Act and the central government is not facing any loss in indirect tax revenue due to expansion of online retail business, Parliament was informed on Tuesday.