Indirect tax collections increased 44.4 per cent to Rs 1,50,686 crore in the first half of the current financial year from the corresponding perdiod last fiscal. The total indirect tax collection during April-September was 48.1 per cent of the Budget estimates for 2010-11.
Revenue collections from customs increased 66.8 per cent to Rs 63,229 crore during the period, the finance ministry said in a statement today. Collections from central excise rose 40.7 per cent to Rs 60,834 crore, while service tax collections recorded a 14.8 per cent rise to Rs 26,623 crore.
The government had estimated an overall tax mop-up of Rs 7,46,000 crore in the current financial year. In 2010-11, it set an indirect tax collection target of Rs 3,15,000 crore.
In 2009-10, the government had to revise its Budget target for indirect tax receipts to Rs 2,44,447 crore from Rs 2,68,000 crore. The revenue department managed to mop-up about Rs 2,000 crore more at Rs 2,46,000 crore.
| LOOKING UP | ||
| Type of duty | April-Sept 2010-11 | Growth (%)) |
| Customs | 63,229 | 66.8 |
| Service | 26,623 | 14.8 |
| Service | 26,623 | 14.8 |
| Total | 1,50,686 | 44.4 |
| (Figures in Rs crore) | ||
Revenue collections have been growing at a similar rate month-by-month since the beginning of this financial year. The rise in excise and customs collections can be attributed to the hike in petroleum duty.
In the Budget announced in February, the government had restored duty of 5 per cent on crude petroleum, 7.5 per cent on diesel and petrol and 10 per cent on other refined products. It had also enhanced the excise duty on petrol and diesel by Re 1 per litre each.