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Indirect Tax collection up 38%

taxIndirect Tax Collections figures for the first four months of the financial year have pointed to an increase in the tax collection as compared to last year.

Indirect tax collection for April-July 2015 registered increased by 37.6% over the same period last year, says the release published by CBEC. For July 2015, increase in indirect tax collection registered near 39.1%.

These increases were registered across all three tax categories including customs, central excise and service tax.

The Chief Economic Adviser Dr Arvind Subramanian said that, “Increase registered in Indirect Tax Collections in Q1 (April-July 2015) of the Current Financial Year 2015-16 indicate that the underlying momentum in the economy continues to improve across all sectors.”

“The growth in indirect tax collection suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections,” he added.

These collections reflect in part additional measures taken, including the excise increases in diesel and petrol.

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