FY13 indirect tax collection exceeds target: Bose

The indirect tax collection for 2012-13 has exceeded the revised target of Rs 4.6 lakh crore, a top finance ministry official said on Friday. "We have exceeded the revised estimates in indirect tax," reveneue secretary Sumit Bose said at an interactive session with members of the Bengal Chamber in Kolkata.

However, he did not give a specific number, saying that it could be known only after April 20, when the annual figures are announced. The revised indirect tax collection for 2012-13 from customs, central excise and service tax was Rs 4.6 lakh crore. Bose said government was close to the target in direct tax, "but combining (indirect and direct tax), we have met the target".

The revised combined revised target of the government for 2012-13 was Rs 10.3 lakh crore. He said early introduction of Goods and Service Tax would have positive impact on GDP, exports and employment. Bose said, however, "I don't know 'how soon' it will happen".

Meanwhile, the Union finance ministry is planning to set up the fifth large tax unit (LTU) in Kolkata by June, he said, adding that the LTU is expected to provide specialised service to large tax-payers of the eastern region.