Indirect tax collection up 16.2%
Centre's indirect tax collections grew by 16.2% at Rs 1,53,988 cr till Jan this fiscal from Rs 1,32,501 cr during same period of 2004-05.india Updated: Feb 08, 2006 16:25 IST
Centre's indirect tax collections grew by 16.2 per cent at Rs 1,53,988 crore till January this fiscal from Rs 1,32,501 crore during same period of 2004-05.
Customs collections were up by 14.6 per cent, while excise grew by 10.8 per cent and services tax logged a whopping 66.2 per cent growth, Finance Ministry said in a release.
A robust growth in manufacturing sector lifted excise duty collections to Rs 85,030 crore during the first 10 months of this fiscal, which is 10.8 per cent higher than Rs 76,720 crore mopped up during the same period of 2004-05.
Excise was witnessing single digit growth till recently but the collection surged in January by 20.6 per cent at Rs 10,010 crore.
Manufacturing sector is slated to expand by 9.4 per cent this fiscal, which raises hope of a double digit growth in excise collection during 2005-06.
With a sustained high growth in imports, customs duty collection grew by 14.6 per cent at Rs 52,754 crore till January this fiscal from Rs 46,029 crore in the same period last fiscal.
In January, the growth in Customs was subdued to 4.6 per cent at Rs 5,038 crore this year compared to 4,817 crore a year ago.
The ongoing boom in services sector resulted in a 66 per cent growth in Service Tax at Rs 16,205 crore till January this fiscal compared to Rs 9,751 crore in the year ago period.
In January, service tax collection was at Rs 2,386 crore. It was Rs 1,420 crore in the same month last year.
The indirect tax collection in January this year was higher by 19.9 per cent at Rs 17,434 crore.