Industry & Economy
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Taxation
Govt set to meet revised estimates for indirect taxes
K. R. Srivats
New Delhi
,
March 30
The Government is well on course to achieving the revised estimate targets of indirect tax collections for 2005-06, a top Finance Ministry official said.
The revised estimate for indirect tax collections for 2005-06 has been pegged at Rs 1,99,215 crore, which was Rs 7,000 crore more than the Budget estimate.
Customs duty
Official sources said customs duty collections till date were close to Rs 64,000 crore and may, in all likelihood, even surpass the revised estimate target of Rs 64,215 crore when the final figures are collated. However, the jury is still out on the excise duty collections front.
Ministry hopeful
With the data on excise duty collections relating to March to flow in only in April, the Finance Ministry is hopeful that the revised estimates on excise duty would be met even though it is unlikely to be surpassed by a huge margin. The Centre had, up to February this fiscal, collected Rs 95,445 crore as excise duty.
Excise duty collections
In February 2006, the Centre's excise duty collections stood at Rs 10,415 crore (Rs 8,795 crore).
While presenting the 2006-07 Budget, the Finance Minister, Mr P. Chidambaram had scaled down the target for excise duties for 2005-06 to Rs 1,12,000 crore against a Budget estimate of Rs 1,21,533 crore.
He had, however, increased the customs duty collections target to Rs 64,215 crore (revised estimate) from a Budget estimate of Rs 53,182 crore. Similarly, the service tax collections target was also hiked to Rs 23,000 crore from a Budget estimate level of Rs 17,500 crore.
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Indirect tax collections up 16.2 pc in April-Jan
Indirect tax collections up 15.73 pc in April-December
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