The 1st quarter collection of Indirect Tax have re-instated the country’s faith that despite the high inflation in India and recession blues across the world the Indian economy is still on the rise.
Collections for April- June 2011 amount to approximately Rs 96,000 crore, about 30% more than last year’s collection for this period. A senior finance ministry official stated that ‘the high growth is encouraging, and would make up for the loss on account of Customs duty foregone on crude and petroleum products.’
Collections from Custom Duty in Q1 have risen by 34% as compared to last year and amounted to Rs 38,168. Excise Duty collections have risen by 25% to Rs 37,253 crore, and service tax by 34% to Rs 20,376 crore in this 1st quarter.