Net Indirect Tax collection stands at Rs 7.72 lakh crore; growth upto 22.2 pct

New Delhi [India], Mar 10 (ANI): The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs. 7.72 lakh crore, which is 22.2 percent more than the net collections for the corresponding period last year.

Till February 2017, about 90.9 percent of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2 percent.

Net Tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8 percent.

Net Tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2 percent.

During February 2017, the net indirect tax grew at the rate of 8.4 percent compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9 percent, 7.4 percent and 7.6 percent respectively during the month of February 2017, compared to the corresponding month last year. (ANI)