CityBiz: Service tax collection up 25.8%

India’s largest lender, the State Bank of India, has paid Rs 1,305 crore to the government in service tax — up over 75 per cent from a year ago.

Written by Khushboo Narayan | Mumbai | Published: March 26, 2016 1:29 am

The service tax department in Mumbai has collected Rs 58,801 crore in taxes at the end of February, up 25.8 per cent from Rs 46,753 crore a year ago. According to data accessed by The Indian Express, LIC is the top service provider in Mumbai. The insurer has paid service tax of Rs 2,801 crore to the department until February 2016. Among telecom companies, Idea Cellular has paid a service tax of Rs 2,098 crore to the department — up 35.2 per cent from a year ago.

India’s largest lender, the State Bank of India, has paid Rs 1,305 crore to the government in service tax — up over 75 per cent from a year ago. Reliance Infratel paid 28 per cent more this year, shelling out Rs 900 crore. Other top service providers in Mumbai include The New India Assurance Co, HDFC Bank, ICICI Bank, Axis Bank, GIC and the Deposit Insurance and Credit Guarantee Corporation.

A service tax department official said Mumbai zone was hopeful of achieving the target of collecting Rs 69,600 crore for the entire fiscal.

Mumbai typically contributes over 33 per cent to the overall service tax collections in the country. Last fiscal, the total service tax collections from Mumbai was Rs 56,455 crore, while the overall service tax mop-up in the country stood at Rs 1.67 lakh crore.

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