Indirect tax collections surge by 24 per cent in November 2015

10 Dec 2015 Evaluate

Showing a strong growth, Indirect tax collections during the month of November surged by 24 percent to Rs. 55,297 crore compared with collections made in November 2014 of Rs 44,475 crore, on the back of growth in excise mobilisation, reflecting an uptick in industrial activity. This increase shows that the government is on course to exceed the budget target, making up some of the shortfall in the direct tax collection and disinvestment. Indirect taxes include customs duty, central excise duty and service tax.

These collections reflect in part increase due to additional measures taken by the Government from time to time, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles, capital goods and consumer durables and an increase in service tax rate to 14 per cent from the earlier 12.36 per cent.

As per the data of ministry of finance, Service tax collection increased 16.1 per cent to Rs 14,789 crore against Rs 12,739 crore in November, 2014. This is an achievement of 60.9% of the target fixed at BE 2015-16. The customs duty collection, however, increased marginally 1.7% to Rs. 17,475 crore compared to Rs.17, 185 crore during November 2014, providing a mixed picture of the economy. This is an achievement of 67.2% of the target fixed for BE 2015-16.

Bulk of the growth in indirect taxes came from excise duty collections which increased by 58.3% to Rs. 23,033 crore in the month of November against Rs 14,551 crore in same period last year .The strong increase in excise duty collection is largely because of the higher duty imposed on petrol and diesel and phasing out of tax exemptions given to the select sectors such as automobile.

Indirect tax collections rose by 34.3% to Rs 4,38,291 crore for the first eight months of the current fiscal as compared to Rs 3,26,273 crore in the same period last fiscal. The government managed to collect 67.8% of the budgeted target for indirect taxes in 2015-16. Excise duty collection was up 67 per cent during this period, while customs duty collection rose by 14.7 per cent. Service tax collection showed an increase of 25 per cent in the April-November period.

As per the Budget estimate for FY16, indirect taxes is pegged at Rs 6, 46,267 crore, requiring a monthly growth rate of 18.8%. India's GDP grew 7.4% in the second quarter of 2015-16 on the back of a robust 9.3% increase in gross value added in the manufacturing sector.

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