Amongst all the gloom and doom of the day it is the service tax department confident of meeting the targets set for the current fiscal.
Speaking at the annual meet of Central Board Of Excise and Customs, VS Krishnan, Member Service Tax of CBEC says that with some sectors like cement and auto showing signs of revival, his department is confident that it will be meeting the budgetary targets set in FY16.
“On the manufacturing front, April-June sectoral gross domestic product (GDP) growth is about 33.6 percent and our excise growth without ARM is about 13.6 percent,” he says.
“Similarly, on the services the growth rate is 8.5 percent and we are doing about 12.2 percent. So, on the overall revenue front we are well on course,” he adds.