Service tax collection jumps 25% in Mumbai zone till May

The Mumbai zone of service tax department has reported 25 per cent growth in tax collection at Rs 10,873 crore in April-May this year.

Service tax collection from the zone was at Rs 8,710 crore in the same period last year.

The Mumbai zone was given a target of collecting Rs 10,606 crore during the first two months but the collection has exceeded this by 2.5 per cent, sources said.

For the full year, the Mumbai zone has been given a revenue collection target of Rs 76,300 crore. Last fiscal, the zone had collected revenue of Rs 68,714 crore.

Thus, the actual increase of target for the zone over last fiscal's revenue collection is Rs 7,586 crore, showing an increase of 11 per cent.

Revenue collection by the zone as of May end represents 14.25 per cent of the whole year target.