Indirect Tax Collected by Government more than estimated.

Friends, Indirect Tax collected more than expected by the Government on 30^th & 31^st March 2011. This indirect tax is only for Fin. Year 2011-12. The government further said that, the indirect tax collections for FY2010-11 have exceeded the revised estimate of Rs 3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures. According to Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder, the Finance Ministry expects at least Rs 7,000 crore more than the revised estimate for the last fiscal.

“… Over and above the revised estimate, we expect Rs 7,000 crore minimum, it may be more also,” Majumder told reporters on the sidelines of an Assocham event.

He further said the Finance Ministry has exceeded the revised target by Rs 6,000 crore, with the total indirect tax collection at Rs 3.40 lakh crore already.

“I expect more. This does not take into consideration customs collection of March 30 and 31.

Posted in: Income Tax,Indirect Tax