Home >politics >policy >Indirect tax collection up 30% in June quarter against last FY

Mumbai: The tax department is hopeful of meeting the revenue collection target for FY 2016-17, a top official said on Tuesday.

Indirect tax collection rose by about 30.8% during April-June to 1,99,970 crore, from 1,52,740 crore collected in the year-ago period. The collection up to June indicate that 25.7% of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal.

“We have done very well so far. Collection in the June quarter from central excise, customs and service tax put together are 30% more from the year-ago period," Central Board of Excise and Customs chairman Najib Shah said on the sidelines of an event.

Asked if the Board will be able to meet the target of revenue collection for FY2016-17, he said, “It is very early to say how the year will be. Still, we are hopeful of achieving the target given to us by the government for the entire fiscal." The government has pegged indirect tax collection target at 7.78 lakh crore in the current fiscal, up 9.7% from 7.09 lakh crore actual collections previous fiscal.

Talking about the authorised economic operator (AEO) programme, an initiative launched by the government on 25 July, Shah said, “It is something we would like the trade and industry to join. This will help you save time and energy. Also, it will give you extensive benefits from Indian and foreign customs operations as well."

The legal compliance norms have been rationalised in the AEO, as it boasts of three-tier scheme as opposed to the single one earlier. Moreover, there is a provision for taking into account special conditions of SME/MSMEs under the programme, he said.

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