Indirect tax mop-up rises 27.5% to Rs 3.36 lakh cr till August

Net indirect tax collections in the April-August period grew 27.5 percent to Rs 3.36 lakh crore on the back of surge in excise collections.

The collection till August 2016 show that 43.2 percent of the annual budget target of indirect taxes, which includes Central Excise, Service Tax and Customs, has been achieved.

Till August, Indirect tax net revenue collections are at Rs 3.36 lakh crore, which is 27.5 percent more than the net collections for the corresponding period last year.

Net tax collections of Central Excise stood at Rs 1.53 lakh crore during April-August, as compared to Rs 1.03 lakh crore during the corresponding period in the previous financial year, registering a growth of 48.8 percent.

Net collections of Service Tax during April-August stood at Rs 92,696 crore, a growth of 23.2 percent as compared to Rs 75,219 crore during the same period previous year.

Customs mop-up during April-August was at Rs 90,448 crore as compared to Rs 85,557 crore during the same period last fiscal, registering a growth of 5.7 percent.

The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes Customs, excise and service tax, in 2016-17.