'Indirect tax collection to meet target this fiscal'

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Kolkata, Nov 14 (UNI) Central Board of Excise&Customs (CBEC) Chairman P C Jha today exuded confidence over meeting the target of collecting Rs 3,20,000 crore as revenues under indirect tax in the country during the current fiscal.

After inaugurating the new office building for Central Excise and Service Tax here, Mr Jha said the indirect tax collection target during 2008-09 comprised collection of Rs 1,18,930 crore from customs, Rs 1,36,610 crore from excise and Rs 64,460 crore from service tax.

'' Fulfilment of the objective would result in realisation of 14.2 per cent growth in the indirect tax collection against the previous fiscal,'' he added.

So far, customs accounted for a collection of Rs 66,621 crore between April and October against Rs 57,833 crore in the corresponding period previous year, showing a growth of 15.19 per cent, he stated.

He said the contribution of excise was assessed at Rs 65,322 crore in the same period as compared to Rs 64,948 in the corresponding period last year, registering an increase of 0.57 per cent.

''The Centre's move to cut duty on diesel and petrol has impacted the tax collection this year from excise,'' he noted.

However, the revenue obtained from service taxes stood at Rs 29,867 crore up to September during the current fiscal against Rs 23,204 in the corresponding period last year, showing a rise of 28.71 per cent, he informed.

'' The growth in service tax collection shows that we are ahead of the targeted growth of 26 per cent to be achieved in this fiscal, in this regard,'' Mr Jha remarked.

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