CBEC Chairman Releases Q1 Results
THE Chairman of the CBEC has said that during the first quarter of April - June 2012, indirect tax collections have gone up by 13.8%. The collections during this quarter stood at Rs. 1,07,959 crores and the collections for the corresponding period last year was Rs 94,849 crores. The increase is mainly attributable to the increase in tax rate in this year's Budget. The department however, could not meet the targeted growth rate of 27%. If we factor into the mountains of refund claims pending (Source: Pending claims displayed on CBEC website), the absolute growth may be a little lower.