The indirect tax collection rose by 42.3 per cent to Rs 2.07 lakh crore (Rs 2.07 trillion) during April-November this year as compared to corresponding period last year, indicating uptick in economic activities.
"Last year's collections of Rs 1.45 lakh crore (Rs 1.45 trillion) during the same period constituted an achievement of 54.5 per cent of the overall target fixed for indirect tax collections for the year
2009-10," an official statement said.
In the current year, indirect tax collections during April-November constitute 66.3 per cent of the overall target of Rs 3.13 lakh crore (Rs 3.13 trillion) fixed for 2010-11.
The indirect tax mainly constitutes customs, central excise and service tax. The Indian economy is already on a recovery path, registering a GDP growth of 8.9 per cent in the first half of the current fiscal.
Similarly, the industrial output in October rose by 10.8 per cent on back of healthy performance of sectors such as automobile, electronic goods and power.
The IIP growth rate on the average stood at 10.3 per cent during the April-October period.
The revenue collections from customs have increased to Rs 86,844 crore (Rs 868.44 billion) during April-November 2010, which is 67 per cent higher than the previous year's collections of Rs 52,011 crore (Rs 520.11 billion) in the same period.
This constitutes an achievement of 75.5 per cent of the target of Rs 1.15 lakh crore (Rs 1.15 trillion) for the whole year 2010-11, the statement said.
The mop up from central excise also rose to Rs 81,984 crore (Rs 819.94 billion) during the period April-November 2010, an increase of 34.4 per cent over the previous year's collection of Rs 61,020 crore (Rs 610.20 billion) during the same period.
"These constitute an achievement of 62.8 per cent of the target of Rs 1.30 lakh crore (Rs 1.3 trillion) fixed for the current financial year 2010-11," the statement added.
As far as revenue collections from service tax for the period April-November 2010 is concerned, it stood at Rs 38,927 crore (Rs 389.27 billion), an increase of 18.2 per cent over the previous year's collections during the same period.
The service tax collections made in the first eight months of the current financial year constitute an achievement of 57.2 per cent of the overall target of Rs 68,000 crore (Rs 680 billion) fixed for the full financial year 2010-11, it added.
