Indirect tax collections went up by 42.4 per cent to Rs 1,80,261 crore between April and October this financial year, against Rs 1,26,903 crore in the corresponding months of 2009-10.
The tax collections in the first seven months are about 57.2 per cent of the Budget estimate of Rs 3,15,000 crore for 2010-11. Indirect tax revenue during the month of October stood at Rs 29,575 crore.
The largest part of the revenue collections came from custom duty mop-up, which increased 65.9 per cent to Rs 75,349 crore in the seven-month period this year, against Rs 45,412 crore in the year-ago period, the finance ministry said in a statement released to the media today.
Last year, when the economy was not doing well due to the global economic meltdown, Customs duty collections were the worst hit and were pulling down the overall revenue collections. Indirect tax collections had fallen by 21.6 per cent in April-October 2009-10, mainly led by 31.8 per cent fall in customs duty.
| SHARP SURGE INDIRECT TAX COLLECTIONS (IN Rs CR) | |||
| Type of tax | Apr-Oct ‘09 | Apr-Oct ‘10 | Growth in % |
| Customs | 45,412 | 75,349 | 65.9 |
| Excise | 52,566 | 71,078 | 36.2 |
| Service | 28,926 | 33,833 | 16.9 |
| Total | 1,26,903 | 1,80,261 | 42.4 |
Collections from excise rose 36.2 per cent to Rs 71,078 crore in April-October 2010-11, which is 36.2 per cent higher than the excise duty revenue of Rs 52,566 crore last year. Revenue collections from service tax stood at Rs 33,833 crore — an increase of 16.9 per cent from Rs 28,926 crore in 2009-10.
The total tax mop-up fell short of the target of Rs 6,41,000 crore in 2009-10. The government is expecting the tax collection target of 7,46,000 crore to exceed this year.
The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore to touch Rs 3,30,000 crore.