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Indirect tax collections grew by 5.6 per cent to Rs 4,41,826 crore in the April-February period of this finacial year amid a slowing economy.
Total collection of indirect taxes — excise, customs and service tax — in February rose by five per cent to Rs 43,794 crore, against Rs 41,714 crore in the same month in 2013-14, official sources said. Service tax collection grew 15.4 per cent to Rs 12,181 crore in the last month, against Rs 10,556 crore in the year-ago period. Customs mop-up stood at Rs 15,109 crore, while Central Excise collection was at Rs 16,504 crore in the month. Total collection of indirect taxes stood at Rs 4,18,286 crore during April-February 2012-13. Excise collection dropped by 3.8 per cent to Rs 1,49,711 crore during April-February FY14, against Rs 1,55,570 crore in the same period last fiscal year, reflecting a slump in manufacturing activity, the sources said.
Service tax collection, which has become a new focus area for revenue department, grew by 18.2 per cent to Rs 1,34,171 crore in April-February FY14, against Rs 1,13,505 crore in the same period of FY13. Customs duty contributed Rs 1,49,211 crore during the period, sources said. The government has set a revised indirect tax collection target of Rs 5.19 lakh crore for 2013-14.
