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Home / News / Business News / Indirect tax collection surpasses Rs.7.04 lakh crores
  • Business

    Indirect tax collection surpasses Rs.7.04 lakh crores

    Achin Garg
    Written by
    Achin Garg
    Mail
    Last updated on Apr 03, 2016, 01:31 pm
    Indirect tax collection surpasses  Rs.7.04 lakh crores
    Credits:
  • According to Najib Shah, Chairman Central Board of Excise and Customs, the total indirect tax collection has surpassed even the revised estimate of Rs.7.04 lakh crores.

    The finance minister during budget 2015-16 had kept a target of Rs.6.48 lakh crores for indirect taxes in FY2015-16.

    The target was revised by the finance minister in Feb'2016 to Rs.7.04 lakh crores owing to better collections.

  • In this article
    What are indirect taxes? GST: a type of indirect tax Indirect tax collection surpasses Rs.7.04 lakh crores Reasons for higher indirect tax collection Why is higher indirect tax collection helpful? Rs.7.8 lakh crores target set for FY2016-17
  • Indirect Taxes

    What are indirect taxes?

    What are indirect taxes?
  • Indirect taxes are taxes collected by the government from intermediaries such as manufacturers and retailers, but the eventual burden falls on the consumers who consume goods and services.

    Examples of indirect taxes in India include sales tax, VAT, excise duties, etc.

    Unlike direct tax (such as income tax, wealth tax, etc.) which is levied on individuals, indirect tax is levied on goods and services.

  • Personal

    GST: a type of indirect tax

  • The Goods and Service Tax (GST), which is stated to be India's biggest indirect tax reform since independence, is a type of indirect tax which will subsume all other indirect taxes to simplify complexities in indirect taxation.

  • 3 Apr 2016

    Indirect tax collection surpasses Rs.7.04 lakh crores

    Indirect tax collection surpasses  Rs.7.04 lakh crores
    Credits:
  • According to Najib Shah, Chairman Central Board of Excise and Customs, the total indirect tax collection has surpassed even the revised estimate of Rs.7.04 lakh crores.

    The finance minister during budget 2015-16 had kept a target of Rs.6.48 lakh crores for indirect taxes in FY2015-16.

    The target was revised by the finance minister in Feb'2016 to Rs.7.04 lakh crores owing to better collections.

  • Reasons

    Reasons for higher indirect tax collection

    Reasons for higher indirect tax collection
  • The increase in the excise duty on petroleum products is the single major reason for greater collection of excise duties, which forms a major part of indirect taxes.

    The government had not passed the entire benefit of decline in crude oil prices to the consumers but increased excise duties.

    Consequently, the FY2015-16 excise duties collection was revised from Rs.2.3 to Rs.2.84 lakh crore.

  • Implications

    Why is higher indirect tax collection helpful?

    Why is higher indirect tax collection helpful?
  • Greater taxes increase government's income allowing it to spend more on developmental causes.

    A greater indirect tax collection will help in making up for the subdued direct tax collection for the financial year 2015-16.

    Further, it provides additional cushion to the finance minister to adhere to its fiscal deficit (total expenditure less total income) target of 3.9% for the financial year 2015-16.

  • Information

    Rs.7.8 lakh crores target set for FY2016-17

  • For the next fiscal year 2016-17, the finance minister has increased the indirect tax collection estimates by 10.8% over Rs.7.04 lakh crore to Rs.7.8 lakh crores.

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