Indirect tax collections up 30% to Rs 2.71 lakh cr

Indirect tax collections rose by 29.9% during April-July period of the current fiscal to Rs 2,71,719 crore, mainly due to impressive growth in central excise duty mop-up. "The figures for indirect tax revenue (provisional) collections up to July, 2016 show that the net revenue collections are at Rs 2,71,719 crore as compared to Rs 2,09,217 crore for the corresponding period last year and thereby registering a growth of 29.9% in the net collections," the Finance Ministry said in a statement on Tuesday.

Till July 2016, 34.9% of the Budget Estimates of indirect taxes for 2016-17 has been achieved, it added. Indirect tax revenue includes collections from excise, customs and service tax. Central excise revenue collection in the first four months of the fiscal grew 50.8% to Rs 1,23,273 crore as against Rs 81,748 crore collected in the same period last fiscal. Service tax revenue during April-July grew 25.8% to Rs 76,679 crore as against Rs 60,974 crore collected last year, the statement said.

Customs revenue collection in the period stood at Rs 71,767 crore as against Rs 66,495 crore collected last year, showing a growth of 7.9%. Total indirect tax collection in July stood at Rs 68,341 crore against Rs 55,388 crore earlier. Central excise duty collection in July recorded a growth of 53.8% to Rs 31,782 crore, while service tax mop-up in the same month recorded growth of 25% to Rs 19,600 crore.

Customs duty collection in July stood at Rs 16,959 crore. Finance Minister Arun Jaitley has pegged indirect tax mop-up target at Rs 7.78 lakh crore in 2016-17, up 9.7% from Rs 7.09 lakh crore collected in the previous fiscal.