Indirect tax collections touches ₹2.07 lakh crore1 min read . Updated: 15 Dec 2010, 02:49 PM IST
Indirect tax collections touches ₹2.07 lakh crore
New Delhi: The indirect tax collection rose by 42.3% to ₹ 2.07 lakh crore during April-November this year as compared to corresponding period last year, indicating uptick in economic activities.
“Last year’s collections of ₹ 1.45 lakh crore during the same period constituted an achievement of 54.5% of the overall target fixed for indirect tax collections for the year 2009-10," an official statement said.
In the current year, indirect tax collections during April-November constitute 66.3% of the overall target of ₹ 3.13 lakh crore fixed for 2010-11.
The indirect tax mainly constitutes customs, central excise and service tax.
The Indian economy is already on a recovery path, registering a GDP growth of 8.9% in the first half of the current fiscal.
Similarly, the industrial output in October rose by 10.8% on back of healthy performance of sectors such as automobile, electronic goods and power.
The IIP growth rate on the average stood at 10.3% during the April-October period.
The revenue collections from customs have increased to ₹ 86,844 crore during April-November 2010, which is 67% higher than the previous year’s collections of ₹ 52,011 crore in the same period.
This constitutes an achievement of 75.5% of the target of ₹ 1.15 lakh crore for the whole year 2010-11, the statement said.
The mop up from central excise also rose to ₹ 81,984 crore during the period April-November 2010, an increase of 34.4% over the previous year’s collection of ₹ 61,020 crore during the same period.
“These constitute an achievement of 62.8% of the target of ₹ 1.30 lakh crore fixed for the current financial year 2010-11," the statement added.