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Indirect tax collection up 37 pc in April-June: FM
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SME Times News Bureau | 06 Aug, 2015
Country's indirect tax receipts
grew 37 percent in the first quarter, ended June, over the like period
of last year, Finance Minister Arun Jaitley told parliament on
Wednesday.
"Indirect taxes in the first quarter (April-June) have
risen by a phenomenal 37 percent," Jaitley said while requesting the
Lok sabha to pass the government's demands for supplementary grants.
The
situation had created a "revenue buoyancy" permitting more capital
expenditure and investment in infrastructure, the minister said.
"The
first quarter capital expenditure increased by 17.6 percent. Because of
our revenue measures, we have been able to allocate an additional
Rs.70,000 crore this year for investment in infrastructure," Jaitley
said.
The indirect tax revenues grew 37.5 percent to nearly
Rs.154,000 crore in the first quarter of the current fiscal on the back
of a significant rise in excise collections.
The collections on this count in the year-ago period were Rs.112,000 crore, the finance ministry said last month.
The
first quarter indirect tax collection figures appear to give some
indication of "green shoots" of economic revival, Jaitley added.
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