Customs collections up 66.5%, excise receipts rise 41.7%.
Indirect tax collections for the first five months (April-August) of the current financial year increased 45.9 per cent over the corresponding period a year ago, mainly due to continued buoyancy in excise and Customs duties and a pickup in service tax collections.
The total collection of tax in the first five months stood at Rs 1,24,170 crore, against Rs 85,095 in the same period in 2009-10, the finance ministry said in a statement today.
Revenue collections from Customs during this period rose 66.5 per cent to Rs 51,866 crore, while excise receipts increased 41.7 per cent to Rs 49,672 crore. Revenue collections from service tax, which remained subdued so far, also increased by 19.8 per cent to Rs 22,632 crore.
Indirect tax collections in the first four months of this financial year also rose by 46 per cent to Rs 96,223 crore. The growth is led by 71 per cent and 43 per cent increase in Customs and excise duty receipts, respectively. Service tax revenue, however, had showed a dismal growth rate of 12 per cent.
Apart from signs of recovery in the economy, the rise in excise and Customs collections can be attributed to the rise in petroleum duty. In the Budget announced in February, the government had restored the basic 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.
| MONEY MATTERS | |||
| Type of duty | Apr-Aug 2009-10 | Apr-Aug 2010-11 | Growth (%) |
| Customs | 31,150 | 51,866 | 66.5 |
| Excise | 35,054 | 49,672 | 41.7 |
| Service | 18,891 | 22,632 | 19.8 |
| Total | 85,095 | 1,24,170 | 45.9 |
| (figures in ' cr) | |||
The government has budgeted an overall tax mop-up of Rs 7,46,000 crore in the current financial year. In 2010-11, it has set an indirect tax collection target of Rs 3,15,000 crore.
In 2009-10, the government had to revise its Budgetary target of 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.
Net direct tax collections during April-August registered 13.91 per cent growth to touch Rs 1,00,112 crore, compared with Rs 87,888 crore in the corresponding period of 2009-10. Corporation income tax collections increased 17.05 per cent, while personal income tax receipts went up by 9.68 per cent.
