Indirect Tax Collections in India Rise by 36%
September 10, 2015 15:28 IST
Country's indirect tax collections increased by over 36% to Rs 2.63 lakh crore in the first five months of current financial year (April-August 2015) from Rs 1.93 crore during the same period last year. Recent economic reforms, including increase in excise duty on petrol and diesel, hike in clean energy cess, withdrawal of exemptions on motor vehicles, capital goods and consumer durables led to the increase in indirect tax revenues. The revenue from service tax registered the highest growth, mainly due to an increase from 12.36% to 14%, while custom duties collections were supported by 6% rupee depreciation between April and August this year, according to the Ministry of Finance.