Indirect Tax collection up 15% during April-Jan, FY'12

 Indirect tax collection jumped 15 per cent in the April-Jan period to Rs 3.17 lakh crore and revenue department has said it hopes to meet the Budget target.

Total collection of indirect taxes — Customs, Central Excise and Service — was Rs 2.75 lakh crore in the 10 month period of the previous fiscal. In the 10 month period, the Central Board of Excise and Customs (CBEC) has been able to achieve nearly 81 per cent of Budget estimate for the current fiscal year.

“At the present rate of growth, CBEC should be able to achieve the target of Rs 3,92,908 crore (for the current fiscal),” the finance ministry said. The Service Tax collection during the period with a 37 per cent growth to Rs 75,440 crore. The growth in excise collection is also positive. The excise collection jumped 6.8 per cent to Rs 1.17 lakh crore. The total mop up from customs duty rose 12.7 per cent to Rs 1.24 lakh crore during the 10 month period.