Buoyed by good tax collection, the tax department is hopeful of meeting the revenue collection target for FY 2016-17, as the Center has collected Rs 1,99,970 crore from indirect taxes during April-June, up by 30.8 percent compared to Rs 1,52,740 crore a year earlier. The collection up to June indicates that 25.7% of the Annual Budget target of indirect taxes has been achieved in the first three months of the fiscal.
In July, indirect taxes collections grew 23.4 per cent to Rs 68,341 crore as compared to Rs 55,388 crore in the same month last year. Central excise grew 53.8 per cent to Rs 31,782 crore from Rs 20,658 crore, service tax collections increased 25 per cent to Rs 19,600 crore from Rs 15,685 crore. For the period April-July Central excise collections shot up 50.8 per cent, service tax collections grew 25.8 per cent and customs collections recorded 7.9 per cent growth. The Government has pegged indirect tax collection target at Rs 7.78 lakh crore in the current fiscal, up 9.7 percent from Rs 7.09 lakh crore actual collections previous fiscal.
Central Board of Excise and Customs chairman Najib Shah has said that it is very early to say how the year will be. Still, they are hopeful of achieving the target given to them by the government for the entire fiscal. He added that the government has crossed the revised estimate to collect Rs 7.09 lakh crore as per provisional estimates.
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