In spite of demonetisation, the Mumbai zone of the service tax department has not only exceeded the revenue collection as of November, but also has surpassed the target for the period.
The revenue collection from the Mumbai zone rose 25.5 per cent or by Rs 10,362 crore to Rs 51,062 crore as of end November, according to the department sources.
The zone has also surpassed the target given to it by the government for the period by Rs 4,954 crore or 10.7 per cent for the reporting period. As per the government target, the Mumbai zone was to collect Rs 46,108 crore, whereas it collected Rs 51,062 crore in during the period.
For the current fiscal, the Mumbai zone has been given a revenue collection target of Rs 76,300 crore. Last financial year, the zone had collected revenue at Rs 68,714 crore.
Thus, the actual increase of target over the past year's collection is Rs 7,586 crore, showing an increase of 11 per cent, the sources said.
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