Chief Economic Advisor Arvind Subramanian has announced that Indirect tax revenues grew 37.5% in the first quarter of current fiscal. He said that the indirect tax collections – which include excise, Customs and service taxes – grew 14.5 per cent in the first quarter from a year ago.
Indirect tax collections in April-June increased to Rs over Rs 1,53,980 crore from over Rs 1.12 lakh crore in the year-ago period. However, the index of industrial production (IIP) data showed that the growth in factory output in the first two months of the fiscal was 3 per cent as against 4.6 per cent in April-May of 2014-15.
- Customs collections during the three months surged to Rs 47,080 crore, up 20.2 per cent, from Rs 39,175 crore in April-June 2014.
- Service tax collections too went up to Rs 45,239 crore in April-June 2015, up 16.4 per cent annually.
- Indirect tax collections in June 2015 swelled 33.3 per cent to Rs 57,357 crore from June 2014.
What is meant by Indirect Tax?
Indirect Tax is a tax that increases the price of a good so that consumers are actually paying the tax by paying more for the products. Simply it is a tax levied on goods and services rather than on income or profits.
Service Tax, Excise Duty, and Value Added Tax comes under Indirect Tax.
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