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The Centre’s indirect tax collections grew 36.2 percent in August, reaffirming the Government view that economy was on the mend, a top Finance Ministry official said.
For the April-August 2015 period, indirect tax collections grew 36.5 percent, much higher than the asking rate of 18.8 percent for entire 2015-16, Chief Economic Advisor Arvind Subramanian said on Wednesday.
"The recent Q1 GDP data (7 percent economic growth) and now the latest indirect tax revenues for August is clear pointer that economy is recovering", Subramanian told reporters here.
Even if one were to exclude the additional revenue measures (excise increase in petrol and diesel, swachh bharat cess, removal of exemption on automobile etc), the overall indirect tax collections for April-August grew 12.2 percent, he said.
For the April-August period, all the three categories—excise duty, customs and service tax—recorded double digit growth, he said.
srivats.kr@thehindu.co.in
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