Mumbai: Service tax collection by the city zone department in the first quarter has increased by 23 per cent, which has helped it surpass the target by nearly 4 per cent for the period.
Service tax mop-up from Mumbai zone rose 22.9 per cent to Rs 17,583 crore as of end June from Rs 14,307 crore a year ago, according to the data from the Service Tax Department.
Moreover, the zone has exceeded the collection target by 3.6 per cent, up from Rs 16,969 crore. 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 a revenue of Rs 68,714 crore.
A senior service tax department official said “we are on the right path and hopeful of achieving the target for the entire fiscal year.”
The Union Budget has set an ambitious target of Rs 2.16 lakh crore mop-up from service tax in the country, up from Rs 2.05 lakh crore. Of this, the government has mopped up Rs 53,757 crore as against Rs 44,503 crore, a growth of 20.8 per cent.