Indirect Tax Collection Increased at 16.8 Percent to 2.92 Lakh Crore Rupees in April-November 2012

The Finance Ministry announced that indirect tax collection increased at the rate of 16.8 percent to 2.92 lakh crore Rupees in the period of April-November 2012 in comparison to the yearly growth target of 27 percent.

It was announced that in first 8 months of 2011-2012 fiscal year, accumulation of the indirect taxes which include excise, services tax as well as customs, was 2.50 lakh crore Rupees.

Excise amounted to 108470 crore Rupees during April to November 2012, while accumulation from service taxes and customs was 78774 crore Rupees and 104864 crore Rupees respectively. In 2011-2012 fiscal year, the government had proposals of collecting 5.05 lakh crore Rupees in all, from customs, service taxes and excise, which would bring an expected growth of 27 percent from last year’s collection.

Targeted collection through customs for 2012-2013 was determined at 1.87 lakh crore Rupees. The targeted collection was 1.93 lakh crore Rupees through excise and 1.24 lakh crore Rupees through service tax.

In the third week of December 2012, the government found it difficult for achieving customs, corporate tax as well as excise target as it was projected in Budget. This happened because there were unresponsive corporate profits.

During November 2012, indirect tax accumulation increased by 17.2 percent to 36081 crore Rupees in comparison to 30790 crore Rupees.