India's Apr-Nov Indirect Tax Collection Up By 17% .

India's indirect tax collection during April-November grew by 17 percent to Rs.2.92 lakh crore, compared to the annual growth target of 27 percent.

For the comparable period last year, collection of indirect taxes, comprising excise, customs and services tax, stood at Rs.2.50 lakh crore, PTI reported, quoting sources in the Finance Ministry.

While excise has yielded Rs.1,08,470 crore during April-November 2012, collection from customs and services tax totaled around Rs.1,04,864 crore and Rs.78,774 crore, respectively.

For the current fiscal, the government had proposed to collect from customs, excise and services tax Rs.5.05 lakh crore, an increase of 27 percent over realization in the previous fiscal year.

The target for customs collection for 2012-13 was fixed at Rs.1.87 lakh crore, for excise Rs.1.93 lakh crore and for service tax Rs.1.24 lakh crore.

Earlier this week, the government said it would be difficult to achieve the corporate tax, customs and excise mop-up target as projected in the Budget because of subdued corporate profits.

"On the tax revenue side, the trend growth in the mid-year is lower than estimated. The reason for under achieving target is due to macroeconomic environment being under stress," Chief Economic Adviser Raghuram Rajan said.

During November, indirect tax collection rose by 17.2 percent to Rs.36,081 crore, compared to Rs.30,790 crore. The government realized Rs.13,012 crore from customs, Rs.13,760 crore from excise and Rs.9,309 crore from service tax.

The revenue realization comes in the backdrop of 8.5 percent growth in industrial output during October, compared to contraction of 5 percent in the same month last year.


Source : rttnews.com