The Indirect tax collections witnessed the sharp rise in the graph of excise collection due to the increased excise duty on the petrol and diesel. An official statement expressed,”Indirect tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8 per cent as compared to Rs 45,417 crore collected during the same period previous year”.
Excise collections registered growth of 70.7 percent to the Rs 28,252 crore in April of current fiscal year in comparison to the Rs 16,546 crore of previous year. To accumulate the additional sum of around Rs 17,000 crore, the government raised excise duty on fuel options- petrol and diesel for five times in 2015-16. The five times rise in excise duty hiked the price of Petrol totaled to Rs 4.02 and Rs 6.87 on diesel, per liter quantity.
“Overall growth in revenue collections on account of indirect taxes excluding additional revenue measures is 17 per cent,” the statement said.
For additional revenue collection government raised the excise duty on auto fuels, service tax and custom and imports duty. From indirect taxes, government manages to collect 8.3 percent of the budgeted target just only in April month of fiscal 2016-17 and the estimated or pegged amount of Indirect tax collections which Finance Minister Arun Jaitley revealed will be Rs. 7.78 lakh crore in current fiscal, which is 9.7 percent more than the Rs 7,09,022 crore actual collection of the previous 2015-16 fiscal.
Service tax collections in April grows 28 percent to Rs 18,647 crore as compared to Rs 14,585 crore in the last fiscal. Customs or import duty collections were Rs 17,495 crore, 22.5 per cent higher than Rs 14,286 crore collected in April 2015.
Source: Dnaindia.com
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