OREANDA-NEWS. July 13, 2015 Indirect Tax Revenue (Provisional) collections during April-June 2015 increase from Rs.1,12,094 crore to Rs1,53,980 Registering an Increase of 37.4 % over the corresponding period ( April-June 2014) in the last financial year.

The overall growth in Indirect Tax Revenue (Provisional) collections during the first quarter of current fiscal  year ,ie April-June 2015 have increased from Rs.1,12,094 crore to Rs1,53,980 crores suggesting an increase of  37.4 % over the corresponding period  ( April-June 2014) in the last financial year.In June 2015,the  indirect tax collections increased by 33.3% compared with June 2014.

These increases were spread across all three tax categories—customs, central excise, and service tax. These collections reflect in part additional measures taken, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables, and in June, the increase in service tax from 12.36 to 14 percent.

 Strippedof all these additional measures, indirect tax collections increased by 10.8 percent in June 2015 over June 2014; and by 14.5 percent for the first quarter of FY2015-16 compared to the first quarter of FY 2014-15. These collections indicate that the underlying momentum in the economy is improving, across all sectors, including manufacturing, reflected in healthy excise tax collections.

The growth in underlying indirect tax collections of 14.5 percent suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections.

Details of overall Indirect Tax Revenue (Provisional) collections during April-June 2015 along with growth rate compared to the corresponding period in the previous year are as follows.

Indirect tax revenue collection : April-June, 2015-16(Prov.)

 

Tax Head

Actuals  2014-15          (prov.)

B.E          2015-16

Asking rate(%) for          2015-16

For June

April to June

2014-15

2015-16

%            Growth

2014-15

2015-16

%            Growth

1

2

3

4

5

6

7

10

11

12

Customs

187856

208336

10.9

14081

17094

21.4

39175

47080

20.2

*C.Excise

188238

228157

21.2

13574

22717

67.4

34067

61661

81.0

Service tax

168063

209774

24.8

15370

17546

14.2

38852

45239

16.4

Total             

544157

646267

18.8

43025

57357

33.3

112094

153980

37.4

*Exclusive of cesses not administered by the Dept.of Revenue.