Indirect tax collections rise 35.9% in April-October 2015
In October 2015, indirect tax revenue (provisional) collections increased by 36.8% compared with collections made in October 2014. Cumulatively, during April-October 2015, indirect tax collections increased by 35.9% over the collections made during the same period last year, while, the target growth rate for 2015-16 is 18.8%. Overall, in monetary terms, the indirect tax revenue (provisional) collections increased to Rs 382860 crore during April-October 2015 from Rs 281798 crore during April-October 2014. In the month of October 2015 alone, the collections increased to Rs 58691 crore from Rs 42897 crore in October 2014.Collections on account of Central Excise increased from Rs 87588 crore in April-October 2014 to Rs 147685 crore in April-October 2015 and thereby registering an increase of 68.6 %. In case of Service Tax, collections increased from Rs 89379 crore in April-October 2014 to Rs 112727 crore in April-October 2015 and thereby registering an increase of 26.1 %. Collections on account of Customs increased from Rs 104831 crore in April-October 2014 to Rs 122448 crore in April-October 2015 and thereby registering an increase of 16.8%.
These collections reflect in part increase due to additional measures taken by the Government from time to time, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles, capital goods and consumer durables, and from June 2015, the increase in Service Tax rates from 12.36% to 14%.
However, stripped of all these additional measures, indirect tax collections increased by 11.6% during April-October 2015 as compared to April-October 2014.
Indirect Tax Collection: April- October 2015 B.E. For October Up-to October % of BE achievement2015-16 2014-15 2015-16 % Growth 2014-15 2015-16 % Growth Customs 208336 16800 18998 13.1 104831 122448 16.8 58.8Central Excise* 228157 13569 22550 66.2 87588 147685 68.6 64.7Service Tax 209774 12528 17143 36.8 89379 112727 26.1 53.7Total 646267 42897 58691 36.8 281798 382860 35.9 59.2 *Exclusive of cess administered by other departments.Powered by Capital Market - Live News