Indirect tax collections pace up, grows 37.5%

• Chief Economic Advisor Arvind Subramaniam revealed that Indirect tax collections have grown up by 37.5% during the first quarter of current fiscal year, i.e. April-June 2015 as compared to the last corresponding period (April-June 2014).
• These increases are across all three tax categories—customs, central excise, and service tax.
• He said “Given that GDP growth is the tax base, what it suggests is that the underlying nominal GDP growth is growing at a healthy pace”.
• Also Indirect tax collections increased by 10.8 percent in June 2015 over June 2014. These increased collections indicate that the economy is improving across all sectors, including manufacturing, reflected in healthy excise tax collections.