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India's indirect tax collections turn around in 2015-16; indirect tax: GDP ratio grows sharply

Indirect tax collections have also shown turn around during the Financial Year 2015-16. With growth in indirect tax collections, the indirect tax : GDP ratio for FY 2015-16 is about 5.17 per cent as compared to 4.36 per cent for FY 2014-15. Indirect tax: GDP ratio for the current Financial Year 2016-17 is estimated to be 5.20 per cent.

E-payment of Central Excise and Service Tax refunds and rebates through RTEGS/NEFT has been implemented. 80% of the refund amount granted within 5 days for service exporters. Single Window Interface for Facilitating Trade (SWIFT) acts as a single point interface for over 50 offices of six Government agencies for clearance of Exim Goods and reduces documentation and costs, thereby benefitting over 97% of India's imports.
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