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  3. Indirect tax collection increases by 36.7 per cent in August

Indirect tax collection increases by 36.7 per cent in August

10 Sep 2015 Evaluate

Amid the global growth concern and weakening domestic economic conditions, one thing is likely to boost the morale of the government, Centre's indirect tax collection growth despite slowing a bit in August compared to July, remained robust with a sharp pick-up in excise duty collection on account of additional revenue measures. Indirect tax collections are considered a good measure of the underlying demand in the economy.

As per the data of ministry of finance, the Indirect taxes excise duty, service tax and customs duty - rose 36.7 per cent in August to Rs 54,396 crore over the same month in 2014, though in July the growth was 39.1 per cent. However, a big part of the buoyancy was because of the additional resource measures such as increase in duty on petroleum products, increase in clean energy cess, withdrawal of exemptions for motor vehicles, capital goods and consumer durables, and the increase in service tax from 12.36 per cent to 14 per cent from June this year.

Indirect tax collections rose 36.5 per cent in the first five months of the financial year, to Rs 2.63 lakh crore. The April-August collections were about 40 per cent of what has been budgeted for the year by the government. Customs duty rose 21.1 per cent to Rs 81,138 crore in April-August. Customs collections were aided by the rupee depreciation of six per cent in the period. Excise duty collections rose 70 per cent during the five months, to Rs 1.02 lakh crore and Service tax collection posted a 21.6 per cent growth in the five months, to Rs 75,006 crore.

Chief Economic Advisor (CEA) Arvind Subramanian said that the GDP and indirect tax numbers seem to suggest that directionally the economy is recovering. He added that when tax collections are growing at over double digits, it suggests that the underlying tax base or the nominal GDP seems to be healthy and moving upwards. The government is targeting close to 25 per cent growth in this tax over the year.

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