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This is an archive article published on December 6, 2004

Indirect tax mop-up needs to grow 26%

The government needs more than 26 per cent growth in indirect tax collection in the second half of this fiscal to meet the annual collection...

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The government needs more than 26 per cent growth in indirect tax collection in the second half of this fiscal to meet the annual collection target of Rs 1,77,599 crore for 2004-05.

Even after taking into account the decision of the finance ministry to reduce the indirect tax collection target by Rs 5,000 crore, more than 20 per cent growth in collection will be needed to reach the scaled-down figure of Rs 1,72,599 crore.

Part of the shortfall in indirect taxes can be attributed to revenue losses on account of post-Budget reduction in customs and excise duties on petroleum products and lowering of customs duties on steel and polymers. The current downswing in prices of crude in global market will add to the woes of the finance ministry struggling to meet the revenue collection target. Customs duties are collected as percentage of price and the actual realisation falls with decrease in prices.

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