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Economy Indirect tax revenue collections increase

Indirect tax revenue collections increase

New Delhi — An increase of 37.3% was registered during the month of May 2015 over the corresponding period in the previous year; Central excise collections registered an increase of 84.2%; customs collections registered an increase of 16% while service tax collections registered an increase of 13.2% during the same period.

Speaking on the latest data, Finance Minister Arun Jaitley said the underlying momentum in the economy was improving across all sectors including manufacturing as reflected in healthy excise collections during the first two months of the current financial year 2015-16.

Indirect tax revenue (provisional) collections increased from Rs 36,408 crore in May 2014 to Rs 49,993 crore during May 2015. Overall, indirect tax collections during the first two months of the current financial year increased from Rs 69,069 crore (during the same period in 2014-15) to Rs 96,128 crore.

These increases were registered across all the categories of customs, central excise and service tax.

Central excise collections have increased from Rs 11,838 crore in May 2014 to Rs 21,809 crore during May 2015. Central excise collections during April to May 2015 increased to Rs 38,535 crore from Rs 20,493 crore during April to May 2014.

Customs collections have increased from Rs13,539 crore during May, 2014 to Rs15,700 crore during May 2015 registering an increase of 16.0%. Customs collections during April to May 2015 increased to Rs 29,986 crore from Rs 25,094 crore (during April to May 2014) and thus registering an increase of 19.5%.

Service tax collections have increased from Rs 11,031 crore in May 2014 to Rs 12,484 crore during May 2015. Service tax collections during April to May 2015 increased to Rs 27,607 crore from Rs 23,482 crore during April to May 2014.

Jaitley said that the these indirect tax collections reflected in part the effect of the additional measures taken by the central government that included the central excise increase on diesel and petrol, increase in clean energy cess, and the withdrawal of exemptions for motor vehicles and consumer durables. He said that even after taking out the impact of these additional measures, indirect tax collections have shown an increase of 16.9% in May 2015 over May 2014, and by 12.6% for the two month period April-May 2015 over April- May 2014.

The Union finance minister further said that the underlying momentum in the economy was improving across all sectors including manufacturing as reflected in healthy excise collections during the first two months of the current financial year.

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