Mumbai, Sep 12 (UNI) The Chairman of Central Board of Excise and Customs P C Jha today said the indirect tax collection is expected to be in the region of Rs 3.28 crore in the current fiscal year.
Speaking at a seminar organised by All India Association of Industries (AIAI), Mr Jha said the indirect taxes played a vital role in the economic growth of the country. He said the indirect taxes amount to six per cent of the Gross Domestic Product (GDP).
Speaking about the service taxes, the chairman said service taxes are quite high. The government began collecting service tax in 1994 at the rate of five per cent and at that time, there were 3,900 tax payers and now the tax rate has been hiked to 12 per cent, with more than 100 sectors under the service tax net.
The department is going to start a pattern for filing of tax returns at par with Income tax, which will give some relief to the tax payers especially small tax payers.
The commercial capital of the country contributed Rs 2.87 lakh crore taxes from customs, service and excise duty, he added.
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