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Govt achieves 88.5% target of the indirect taxes collection in Apr-Feb

12 Mar 2015 Evaluate

The government has achieved the 88.5 percent of the indirect taxes revised target for the entire fiscal in period April-February. Indirect tax revenue (provisional) collections have increased to Rs 4,78,630 crore during April-February 2014-15, an increase of 7.4 percent over the corresponding period in the previous fiscal. Total indirect tax collection in February 2015 was Rs 50,464 crore, 15.9 percent higher than Rs 43,543 crore collected in February 2014.

The Finance Ministry has further stated that the central excise duty collection was Rs 1.62 lakh crore in April-February in the ongoing fiscal, 8.9 percent higher from Rs 1.49 lakh crore in the same period of the previous fiscal. Customs duty collection stood at Rs 15,695 crore in February 2015, up by 3.9 percent on an annual basis. For the period April-February the collection was Rs 1.70 lakh crore, 8.2 percent higher than Rs 1.57 lakh crore in the same period of the previous fiscal.

Service tax collections grew by 3.5 percent to Rs 12,646 crore in February 2015 compared to Rs 12,221 crore in the same month in 2014. Service tax collection was at Rs 1.45 lakh crore in April-February of the ongoing fiscal, 8.1 percent higher from Rs 1.34 lakh crore in the same period of previous fiscal.

The Budget 2014-15 targeted the revenue collection from indirect taxes at Rs 6.23 lakh crore, which was later revised downwards to 5.40 lakh crore. Collection from direct taxes increased by 10.67 per cent to Rs 6.12 lakh crore in the first 11 months of the current financial year. The budget for 2014-15 had set a direct-taxes target of Rs 7.36 lakh crore;  however, it too was lowered to 7.05 lakh crore in the revised estimate.

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