NEW DELHI: The growth rate in collection during the first half of 2015-16 is double the budget requirement of 18.8% for the full fiscal.
Rosy days for Indian tax collectors as government earnings from indirect taxes jumped up.
Indirect tax collection was up 35.8% to over Rs.3.24 lakh crore in the first half of the current fiscal, reflecting growth in economic activity. Indirect tax collection in the April-September period of the last fiscal, 2014-15, was about Rs.2.38 lakh crore.
The growth rate in collection during the first half of 2015-16 is double the budget requirement of 18.8% for the full fiscal.
Bulk of the growth in the indirect taxes has been contributed by excise duty collection which grew 69.6% during the period, a finance ministry official told PTI. Excise collection during April-September of 2015-16 was over Rs.1.25 lakh crore, as against Rs.74,019 crore in the same period last fiscal. Customs mop up grew 17.5% to over Rs.1.03 lakh crore during the six months. Service tax revenue grew 24.3% to Rs.95,493 crore.
The collection also reflects hike in excise duty on diesel and petrol, withdrawal of tax exemptions for motor vehicles, increase in clean energy cess and hike in service tax rate in June.
The government has budgeted to collect over Rs.6.47 lakh crore from indirect taxes in the current fiscal, a growth of 18.8% over last fiscal.
