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  3. Indirect tax collections up by 4.5% to Rs 1,13, 570 crore in April-June ’FY15

Indirect tax collections up by 4.5% to Rs 1,13, 570 crore in April-June ’FY15

25 Jul 2014 Evaluate

Indirect tax collections grew by 4.5 percent to Rs 1,13,570 crore during April-June quarter of the current fiscal as compared to Rs 1,08,639 crore during the same period of previous financial year. Indirect taxes include customs duty, central excise duty and service tax. The increase in indirect tax collection was mainly driven by strong growth in service tax collections which grew by 19 percent to Rs 38,362 crore in the reported quarter as against Rs 32,617 crore during Q1 FY14. Service tax collections showed significant growth as the government had introduced the concept of negative list of taxation to widen the service tax base. As per the concept, all services except those in the negative list are taxable.

However, custom duty and excise duty collections declined in the reported month, reflecting slump in manufacturing activity. Customs collections declined by 3.1 percent y-o-y to Rs 39,549 crore in April-June ’FY15, while, central excise tax collection declined by 0.2 percent y-o-y to Rs 35,159 crore during the same period. 

The Budget aims to mobilise Rs 6,23,000 crore in 2014-15, which requires a growth rate of 20 per cent over 2013-14. Meanwhile, the government managed to collect over 18 per cent of the Budget target for indirect taxes during the first three months (April-June) of the current fiscal.

Tax collection is the major source of revenue for the government. The government estimates to garner Rs 13.64 lakh crore from both direct and indirect tax collections during the current fiscal. In the previous fiscal year, tax collections fell short of target by a whopping Rs 77,000 crore as the government collected Rs 11.58 lakh crore against the budget estimate of Rs 12.35 lakh crore. To boost the tax collection, the income-tax department has also drawn up a plan to widen the tax base by going after non-filers, using annual information returns, capturing new information sources such as under-reporting of immovable property and buyback of shares.

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