SME Times News Bureau | 09 Feb, 2012

The government Wednesday said it hopes to collect Rs.392,908 crore as indirect taxes for the fiscal ending March 31, as the mop-up in the fist 10 months accounts for 80.74 percent of the total target.

The Central Board of Excise and Customs (CBEC) had been able to achieve nearly 80.74 percent of budget estimate up to the month of January 2012 in the current fiscal, the finance ministry said in a statement.

"At the present rate of growth, CBEC should be able to achieve the target of Rs.392,908 crore," it said.

Total collection from indirect taxes rose by 15.1 percent to Rs.317,233 crore in the April-January period, which is 80.74 percent of the whole year's target.

However, the collections from the direct taxes are likely to fall short of the target. Direct tax collections grew by 14.57 percent to Rs.425,274 crore in the first 10 months of the current financial year, sharply lower than the budgetary target of around 20 percent growth.

"Gross direct tax collections during April-January of the current fiscal was up by 14.57 percent at Rs.425,274 crore as against Rs.371,188 crore in the same period last fiscal," the ministry said.

Considering the pace in the first 10 months, the government is unlikely to meet the full year budgetary target of Rs.5.33 lakh crore.