Net indirect tax collections in the April-August period grew 27.5 per cent to Rs.3.36 lakh crore on the back of surge in excise collections.

The collection till August 2016 show that 43.2 per cent of the annual budget target of indirect taxes, which includes Central Excise, Service Tax and Customs, has been achieved.

Till August, Indirect tax net revenue collections are at Rs.3.36 lakh crore, which is 27.5 per cent more than the net collections for the corresponding period last year.

Net tax collections of Central Excise stood at Rs.1.53 lakh crore during April-August, as compared to Rs.1.03 lakh crore during the corresponding period in the previous financial year, registering a growth of 48.8 per cent.

Net collections of Service Tax during April-August stood at Rs.92,696 crore, a growth of 23.2 per cent as compared to Rs.75,219 crore during the same period previous year.

Customs mop-up during April-August was at Rs.90,448 crore as compared to Rs.85,557 crore during the same period last fiscal, registering a growth of 5.7 per cent.

The government hopes to collect Rs.8.47 lakh crore from direct taxes and Rs.7.79 lakh crore from indirect taxes, which includes Customs, excise and service tax, in 2016-17.