E India CA

Professional Updates for Chartered Accountants


Mumbai zone’s Apr-Oct service tax mop-up exceeds target

1472320543-7099Service tax collection from the Mumbai zone rose to Rs 45,821 crore in the April-October period of this fiscal, exceeding the target by more than Rs 5,000 crore.
Revenue collection by the service tax department was up by Rs 9,801 crore or 27.3% compared to Rs 36,020 crore mopped up in the same period of the previous fiscal, the department’s data showed.
The zone has surpassed the target for the period by Rs 5,062 crore or 12.4%.
Government had given the revenue department target to collect Rs 40,759 crore by October 31.
For the current fiscal, the Mumbai zone has been given a revenue collection target of Rs 76,300 crore.
Last fiscal, the zone had collected revenue of Rs 68,714 crore.
“We are quite confident of achieving the target as given by the government to the zone for the entire fiscal,” a senior official of the department said.
Country-wide net collections on account of service tax during April-October 2016 stood at Rs 1.43 trillion from Rs 1.12 trillion in the year-ago period, showing a growth of 26.9%.

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