10% growth in indirect taxes likely

The government is confident of meeting the 10 per cent targeted growth in indirect taxes at about Rs 280,000 crore on the back of a robust economic growth and higher revenue mop-up from petroleum products, a member of CBEC said on Wednesday.

"There is no need for pessimism. With economy booming and an expected higher demand for petroleum products, the revenue buoyancy will be 10 per cent," CBEC Member S K Bharadwaj, said.

Although the reduction in excise duties in petroleum products days before the Budget would cost the exchequer about Rs 2,400 crore, he said the revenue growth would be more than 10 per cent.