NEW DELHI: The indirect tax collection has surpassed the revised estimates by `4,000 crore to about `5.46 lakh crore for the fiscal ended March 2015, but much below the original budget estimate of `6.24 lakh crore. According to the Finance Ministry, the provisional collections during 2014-15 increased by 9.9 per cent as against the actual collections during 2013-14 which was `4.97 lakh crore.
“The indirect tax collections for the FY 2014-15 has exceeded the revised estimates target of FY 2014-15 by ` 4,000 crore,” the ministry said. The revised estimate was `82,577 lower than the Budget estimate of `6.24 lakh crore for 2014-15.
Finance Minister, Arun Jaitley had said earlier that the `6.24 lakh crore indirect tax collection target for 2014-15 is challenging.
Indirect tax collection in February stood at `50,464 crore, a 15.9 per cent increase over `43,453 crore in the same month of 2014.
With an aim to widening the service tax net, the government had introduced the concept of negative list of taxation. As per ther list, all services except those in the negative list are taxable.
Both customs duty and services tax collections were muted in February. While services tax mop-up grew 3.5 per cent at `12,646 crore in February against `12,221 crore in the same month last year, customs duty fetched the exchequer `15,695 crore, up only 3. 9 per cent over `15,109 crore.