Indirect tax receipts up 51% on year in April-October

Despite the fizzling out of a favourable base effect, indirect tax collections have seen robust growth till October of this fiscal. In the first seven months of FY22, gross indirect tax collections (net of refunds, but before devolution to states) grew 51% on year to about Rs 7.4 lakh crore, as against a required rate of 3% to achieve the full year target of Rs 11.09 lakh crore. The collections in…