The indirect tax collection grew by about seven per cent to Rs 51,461 crore (Rs 514.61 billion) in the first five months of this fiscal from Rs 48,095 crore (Rs 480.95 billion) in April-August 2002.
"The growth in indirect tax collections, which was almost nil till May, has picked up in the last two months and the overall collection were at Rs 51,461 crore till August this fiscal," A K Singh, chairman, Central Board of Excise and Customs, said in New Delhi on Wednesday.
"If the duties are not cut further, we will be ending this fiscal with over and above the target," he said, adding the actual collection could be up by 18 per cent this fiscal compared to the budget estimate of 15 per cent growth.
Excise collection was at Rs 32,596 crore (Rs 325.96 billion) in the first five months of 2003-04 compared to Rs 30,457 crore (Rs 304.57 billion) in the year ago period, Singh said.
In August, the excise mop-up was Rs 7,028 crore (Rs 70.28 billion) compared to Rs 6,430 crore (Rs 64.30 billion) last year. The government targets 18 per cent growth in excise this fiscal at Rs 96,791 crore (Rs 967.91 billion).
Customs collections were at Rs 18,864 crore (Rs 188.64 billion) till August this fiscal, compared to Rs 17,638 crore (Rs 176.38 billion) in the year ago period, Singh said.
In August, the Centre collected Rs 3,951 crore (Rs 39.51 billion) in customs this year compared to Rs Rs 3,967 crore (Rs 39.67 billion) last year. The Centre has budgeted Rs 49,350 crore (Rs 493.50 billion) from customs during this fiscal.
Service tax collection is estimated at Rs 3,200 crore (Rs 32 billion) till August, taking the overall indirect tax mop up at over Rs 54,660 crore (Rs 546.60 billion) in the first five months. The Centre targets to raise Rs 8,000 crore (Rs 80 billion) in service tax this fiscal.
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