Industry & Economy
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Taxation
Service tax mop-up rises 68.19 pc in Apr-Dec
K.R. Srivats
New Delhi
,
Feb. 4
SERVICE tax mop up in the first nine months of the current fiscal surged by 68.19 per cent to touch a level of Rs 5,089.87 crore as against a level of Rs 3,026.24 crore mobilised in April-December of the previous year.
Enthused by this performance and the increasing contribution of services sector in the Gross Domestic Product (GDP), the Finance Ministry has now pegged the revised estimates for service tax for the current fiscal at Rs 8,300 crore. The Government had budgeted receipts of Rs 8,000 crore from service tax for the year 2003-04 (Rs 5,000 crore for 2002-03).
For the ensuing fiscal, the Ministry has targeted Rs 13,500 crore from service tax. A sum of Rs 4,968 crore is expected during 2004-05 from telephone services alone. The budget estimate for service tax on insurance services stood at Rs 1,714 crore for the year 2004-05.
A large chunk of the Rs 8,300 crore mop up for 2003-04 is expected to come from telephones (Rs 3,024 crore), insurance (Rs 1,044 crore) and brokerage (Rs 378 crore) services. In fact, the revised estimate of Rs 378 crore from brokerage services is much lower than the budgeted level of Rs 440 crore under this head for 2003-04.
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