Although IIP data is discouraging , GDP growth rate is low , Inflation is high , Indirect tax collection during the first five months of this fiscal rose 27% to Rs 1.81 lakh crore, compared to the corresponding period last fiscal. The 27% increase in indirect tax collection is mainly on account of hike in rates of excise and service tax in the Budget. The government had hiked both the service tax and excise levies to 12% for the current fiscal in the budget, from 10%.
Ø Service Tax increase by 41% at Rs 47,775 crore.
Ø Excise duty was increased by 25% higher at Rs 69,025 crore.
Ø Customs duty up by 20% at Rs 64,920 crore .
Ministry has moved to a new regime of Service Tax based on negative list from July 1, 2012. The FY 13 Target of Indirect Tax collection is Rs 5.05 lakh crore, an increase of about 27% from 2011-12 targets.
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