Service tax collection from Mumbai zone has surged by over 21 per cent in the first five months of the fiscal year over the year-ago period, surpassing target.

Service tax collection from Mumbai zone has surged by over 21 per cent in the first five months of the fiscal year over the year-ago period, surpassing target.

Revenue collection from the Mumbai zone rose 21.3 per cent to Rs 29,003 crore as of August 31, or Rs 5,097 crore in absolute terms from collection of Rs 23,906 crore in the corresponding period last year, data from the service tax department showed.

With this, the zone has surpassed the target given to it by the government for the period by Rs 1,527 crore or 5.6 per cent.

Government had set the revenue collection target for the zone until August-end at Rs 27,476 crore, whereas it collected a revenue of Rs 29,003 crore.

For the current fiscal, the zone has been given a revenue collection target of Rs 76,300 crore, as against Rs 68,714 crore collected last year, an 11 per cent growth.

The net revenue collected by the department for August alone is at Rs 5,192 crore from Rs 4,552 crore in the year-ago period.

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