The Centre's indirect tax collection receipts have exceeded the revised estimates for 2010-11, a top Finance Ministry official has said. The Centre had pegged the revised estimate for indirect tax collections at Rs 3.38 lakh crore for 2010-11.
“Over and above the revised estimate, we expect Rs 7,000 crore minimum. It may be more also,” Mr S. Dutt Mazumder, CBEC Chairman, told reporters on the sidelines of Assocham meeting on service tax.
The Central Board of Excise and Customs (CBEC) Chairman said that the indirect tax collections for 2010-11 had already touched Rs 3.4 lakh crore.
“This does not include the customs collections of March 30 and March 31. This should bring in additional Rs 1,000 crore,” he said. The Centre's customs duty collections up to March 29 stood at Rs 1.32 lakh crore. For 2010-11, the revised estimate for customs duty was pegged at Rs 1.32 lakh crore.
Mr Mazumder also said that service tax collections have also exceeded the revised estimate and collections till end March 2011 was Rs 70,200 crore. The Centre had pegged the revised estimate for service tax collections at Rs 69,400 crore for 2010-11.
The Centre's service tax collection level has now equalled the non-oil central excise revenues. In 1994, only three services were brought under the service tax net to begin with. Now, there are 119 services that are under the service tax net.