Tax collections from service tax, first introduced in 1994, will cross customs and excise duties for the first time in the financial year 2014-15, an indication of the growing importance of services to India's economy.
The only two tax heads that will contribute more than service tax are corporate tax and income tax.
Here's a look at the 10-year data on tax collections:
From a modest base of around Rs 23,000 crore in 2005-06, service-tax collections are expected to sky-rocket 830% to Rs 215,973 crore in the financial year 2014-15.
Tax collections, on the whole, have increased over the last 10 years. Net tax revenue to the central government is expected to increase from Rs 270,264 crore in 2005-06 to Rs 977,258 crore in 2014-15, an increase of 260%.
src:sify.com