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LATEST NEWS UPDATES | Indirect tax collections up 26% in 1st half

Indirect tax collections up 26% in 1st half

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published Published on Oct 11, 2016   modified Modified on Oct 11, 2016
-PTI

Collections of indirect taxes during the first half of the current financial year grew by 25.9 per cent to Rs 4.08 lakh crore, mainly on account of a 46 per cent jump in excise duty collections.

The net indirect-tax collection in the April-September period is 52.5 per cent of the Budget 2016-17 estimates.

The finance ministry said net collections of central excise jumped 46.3 per cent to Rs 1.83 lakh crore during April-September, from Rs 1.25 lakh crore in the year-ago period.

Net service tax collections during April-September grew 22.1 per cent to Rs 1.16 lakh crore, on Rs 95,780 crore during the six-month period of the last fiscal.

Net customs duty collection during the latest six-month period added up to Rs 1.08 lakh crore, against Rs 1.03 lakh crore, a growth of 4.8 per cent.

The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes -- customs, excise and service tax -- n 2016-17.

The Telegraph, 10 October, 2016, http://www.telegraphindia.com/1161010/jsp/frontpage/story_112862.jsp#.V_vjMvT3_N4


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