Indirect tax collections expected to exceed revised estimate of Rs3.34 lakh crore
05 Apr 2011
According to the Government of India, indirect tax collections for FY2010-11 have exceeded revised estimates of Rs3.34 lakh crore for the fiscal, because of strong economic activity and the partial withdrawal of fiscal stimulus measures.
According to Central Board of Excise and Customs (CBEC) chairman, S Dutt Majumder, the finance ministry expected at least Rs7,000 crore over than the revised estimate for the last fiscal.
"Over and above the revised estimate, we expect Rs7,000 crore minimum, it may be more also," said Majumder in an interaction with the media on the side-lines of an Assocham event.
He further stated that that the finance ministry had exceeded the revised target by Rs6,000 crore and the total indirect tax collection stood at Rs3.40 lakh crore already.
"I expect more. This does not take into consideration customs collection of March 30 and 31. That should be another Rs1,000 crore," Majumder added.
He added that customs collection up to 29 March this year was Rs1.32 lakh crore.