Indirect tax mop-up in Apr-Feb achieves 88.5% of fisc target

The government today said it has collected Rs 4.78 lakh crore in indirect taxes in the April- February period, which is 88.5 per cent of the revised target for the entire fiscal.
The indirect tax revenue collections stood at Rs 4.41 lakh crore in the April-February period of the last fiscal.
Indirect tax revenue (provisional) collections have increased to Rs 4,78,630 crore during April-February 2014-15, an increase of 7.4 per cent over the corresponding period in the previous fiscal, the Finance Ministry said in a statement.
This is an achievement of 88.5 per cent of the revised target fixed for 2014-15 (revised estimates, it added.

As per the Budget 2014-15, the revenue collection from indirect taxes was targeted at Rs 6.23 lakh crore. It was, however, revised downwards to 5.40 lakh crore.
In February 2015 central excise duty collection stood at Rs 22,123 crore, a jump of 36.5 per cent over the corresponding month last year.

The central excise duty collection was Rs 1.62 lakh crore in April-February in the ongoing fiscal, 8.9 per cent up from Rs 1.49 lakh crore in the same period of the previous fiscal.
Customs duty mop-up stood at Rs 15,695 crore in February 2015, up by 3.9 per cent on an annual basis.

The same was at Rs 1.70 lakh crore in April-February, 8.2 per cent higher than Rs 1.57 lakh crore in the same period of the previous fiscal.
Service tax collections grew by 3.5 per cent to Rs 12,646 crore in February 2015 compared to Rs 12,221 crore in the same month in 2014.
Service tax collection was at Rs 1.45 lakh crore in April-February of the ongoing fiscal, 8.1 per cent up from Rs 1.34 lakh crore in the same period of previous fiscal.
Total indirect tax collection in February 2015 was Rs 50,464 crore, 15.9 per cent higher than Rs 43,543 crore collected in February 2014.

During April-February period of the ongoing fiscal, the government has met 90.6 per cent of the revised target for customs duty collection, 88.5 per cent for central excise collection target and 86.2 per cent of service tax collection target.