Industry & Economy
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Taxation
Service tax collection up 70 pc in Apr-Nov period
Our Bureau
New Delhi
,
Dec 14
THE Government's move to bring more services under the service tax net as well as increase the tax rate to 10.2 per cent in this year's Budget is now reaping rich dividends in terms of a surge in service tax collections.
The Centre's service tax collections during April-November this year increased by 69.69 per cent to Rs 11,988 crore as against a service tax collection level of Rs 7,065 crore recorded in the same period last year.
The Government has budgeted service tax collections for the year 2005-06 at Rs 17,500 crore.
From the point of view of overall indirect tax collections, there has been a 16.14 per cent jump in collections during April-November 2005 to Rs 1,19,642 crore (Rs 1,03,016 crore).
While customs collections continue to be buoyant and recorded a growth of 18.31 per cent during the period under review, the collections on the excise front has been below the expected growth rates.
Excise collections grew by 8.57 per cent during April-November 2005 to Rs 65,392 crore (Rs 60,229 crore), according to an official release. On the other hand, customs collections grew by 18.31 per cent to Rs 42,262 crore (Rs 35,722 crore).
While the excise duty collection target for the current fiscal stood at Rs 1,18,268 crore (19.90 per cent increase over actuals for 2004-05), the customs duty collection target has been pegged at Rs 60.430 crore (4.98 per cent over the actuals for 2004-05).
In the month of November, service tax collections stood at Rs 1,678 crore as compared to Rs 926 crore in the same month last year. While excise duty collections in November stood at Rs 8,680 crore (Rs 7,501 crore), the customs duty collections in the same month stood at Rs 5,173 crore (Rs 4,976 crore).
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