Mumbai Zone surpasses service tax collection target

The Mumbai Zone of Service Tax department has not only exceeded revenue collection on a Y-o- Y- basis as on December 31 in the current fiscal over the corresponding period of FY16, but also surpassed the target given to it by the Government for the nine-month period.
Revenue collection from the Zone ((Apr-Dec) stood at Rs 58,676 crore as on December 31, up Rs 11,331 crore, or 23.9 per cent, from the year-ago's collection of Rs 47,345 crore, according to Service Tax Department data.
Moreover, the Zone has surpassed the Government-set target for the period by Rs 4,725 crore, or 8.8 per cent, for the reporting period.

The Government had given revenue collection target to the Zone until December-end at Rs 53,952 crore. The Zone collected revenue of Rs 58,676 crore during the period.
For the current fiscal, the Mumbai Zone has been given a revenue collection target of Rs 76,300 crore. Last fiscal, it was Rs 68,714 crore.
Thus, the actual increase of target for the Zone over last fiscal's revenue collection is Rs 7,586 crore, an increase of 11 per cent, the data showed.
The Zone has done well in service tax collection during December too. Last month, it collected revenue of Rs 7,614 crore, up Rs 969 crore from the year-ago's collection of Rs 6,645 crore, the data said.