The government’s indirect tax collection comprising excise, customs and services tax grew at a moderate rate of 16.8 per cent to Rs 2.92 lakh crore in the April-November period, against the targeted annual growth of 27 per cent. Collection of indirect taxes in the first eight months of previous financial year was Rs 2.50 lakh crore.
While excise has yielded Rs 1,08,470 crore during April-November 2012, collection from customs and services tax worked out to be about Rs 1,04,864 crore and Rs 78,774 crore, respectively. In November, indirect tax collection rose by 17.2 per cent to Rs 36,081 crore as compared to Rs 30,790 crore. The government realized Rs 13,012 crore from customs, Rs 13,760 crore from excise and Rs 9,309 crore from service tax.
Earlier this week, the government had said that it would be difficult to achieve the corporate tax, customs and excise duty collection target as projected in the Budget because of the subdued corporate profits. Further, due to the sluggish macroeconomic environment, trend growth in the mid-year is lower than estimated on the tax revenue side.
The government in the current fiscal has planned to collect Rs 5.05 lakh crore from customs, excise and services tax, an increase of 27 percent over realization in the previous fiscal. The target for customs collection has fixed at Rs 1.87 lakh crore, for excise Rs 1.93 lakh crore and for service tax Rs 1.24 lakh crore in the current fiscal.
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