Indirect tax collections rise 7.1% in April-November 2014

Indirect tax collections rose marginally by 7.1 per cent in the April-November period to over Rs 3.28 lakh crore, mainly on account of increase in revenue from service tax and customs.
However, excise collection, which is an indication of economic activity, declined by 0.2 per cent during the eight months period to Rs 1,02,762 crore, an official statement said.
Indirect tax collections so far this fiscal have been 52.7 per cent of the budget target of 2014-15, it added.
The government has budgeted to collect over Rs 6.24 lakh crore from indirect taxes in the current fiscal, up 20.28 per cent over the collection in 2013-14.

Service Tax collections increased 11.5 per cent during the eight months ending November to Rs 1,02,592 crore, which amounts to 47.5 per cent of the Budget target.
Mop-up from customs rose 10.2 per cent to over Rs 1,23,308 crore in April-November period, which is 61.1 per cent of Budget estimates.

Total indirect tax collection for November stood at Rs 44,060 crore.
During the April-September period of 2014-15, Index of Industrial Production (IIP) rose by 2.8 per cent, as against 0.5 per cent in same period of previous fiscal.
In the Budget for 2014-15, Finance Minister Arun Jaitley had announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost the country's economic growth.