Govt Hopes To Exceed Indirect Tax Collection Estimate.

NEW DELHI: With buoyancy in central excise collection that has exceeded 33% in the first 10 months of the current fiscal, the revenue department on Thursday said it hopes to exceed the revised budget estimates for indirect tax collection.

Sumit Dutt Majumder, chairman of the Central Board of Excise and Customs (CBEC), said he hopes to exceed the revised target. The total indirect tax collection, comprising customs duty, central excise and service tax, was pegged at Rs 3.15 lakh crore in the Budget. With economic growth at nearly 9% in the first half, the government had last month revised the target to Rs 3.36 lakh crore -- 7% more than the budget estimates for 2010-11.

Speaking at a function to celebrate Central Excise Day, Dutt Majumder said he was hopeful of exceeding the revised budget estimates of central excise pegged at Rs 1.33 lakh crore. "We will not only achieve it but exceed the target," he said, adding that the growth in excise collection till January has been 33%.

On the deadlock on Goods and Services Tax (GST), the CBEC chairman said there is some good news on the proposed tax reform which would be known very soon. He was referring to the finance minister's remark that the GST Bill may be tabled in the current Budget session.

He said that GST, which may come into effect from 2012, will have added advantage for the business community by integrating the country in a common economic market. He said the technological group has taken up preparation of GST information technology infrastructure on priority.

He said customs and service tax collections have also been robust. Customs duty collection increased by about 68% during April-December 2010-11. Similarly, the year-on-year growth in excise duty and service tax collections was by 33% and 18%, respectively.

The government had partially withdrawn the stimulus by raising excise duty by 2% in the Budget for 2010-11, taking it to 10%.

Source : timesofindia.indiatimes.com