Press Esc to close
Thursday 25 August 2016
News updated at 1:11 AM IST
Weather
Max: 30.6°C
Min : 20.9°C
In Bengaluru
Sunny day

Drop in excise duty mop-up impacts indirect tax collection

New Delhi, October 20, 2013, DHNS:

Six months into the fiscal year, the Centre’s indirect tax mop-up has not even reached the halfway mark of the budgeted Rs 5.65 lakh crore. The indirect tax collections in the April-September period (2013-14) stood close to Rs 2,29 lakh crore.

The sluggish tax collection was mainly on account of a 6 per cent drop in excise duty mop-up in the six-month period, according to ministry officials. A drop in excise collection is an indication of slowdown in manufacturing activity in the country.

Customs mop-up was up 10 per cent to Rs 80,550 crore during the period.

Service tax collection, which has become a new focus area for revenue officials, grew by 16 per cent to Rs 59,000 crore.

In September, total indirect tax collection stood at Rs 42,700 crore, up 13 per cent from the same month last year.

Weak industrial output in the past as many months has led to a drop in excise collection, an official said. The budget for this year had estimated 11.9 per cent growth in excise collection this years.

The Finance Ministry, however, is expecting collections to pick up in the coming months led by a growth in industrial output in July and August after a two-month contraction, stimulus to the automobile and consumer durables sector by way of additional capital to banks and higher GDP growth in the last two quarters. The pick up in industrial output is expected to reflect in taxes from October.


Go to Top

Photo Gallery
A view of lighting at Sri Krishna Janamsthan temple during Sri Krishna Janmashtami festiva...

A view of lighting at Sri Krishna Janamsthan temple during Sri Krishna Janmashtami festiva...

Muslim women carrying their children dressed up as Lord Krishna and Radha for a program...

Muslim women carrying their children dressed up as Lord Krishna and Radha for a program...

Bollywood actress Sonakshi Sinha at a press conference to promote her upcoming film in Jaipur...

Bollywood actress Sonakshi Sinha at a press conference to promote her upcoming film in Jaipur...

A view of submerged temples in the flood waters of River Yamuna in Allahabad...

A view of submerged temples in the flood waters of River Yamuna in Allahabad...

Nuns distribute relief material to flood hit peoples at a camp in Allahabad...

Nuns distribute relief material to flood hit peoples at a camp in Allahabad...

A sand art of Lord Krishna made by Sand Artist Sudarshan Patnaik ahead of Krishna Janmashtami...

A sand art of Lord Krishna made by Sand Artist Sudarshan Patnaik ahead of Krishna Janmashtami...

A child dresses as lord Krishna for a school function ahead of Janmashtami, in Bikaner...

A child dresses as lord Krishna for a school function ahead of Janmashtami, in Bikaner...

The launch of Entrepreneurship Summit at IT Decode Park in Hyderabad...

The launch of Entrepreneurship Summit at IT Decode Park in Hyderabad...

Horses undergoing exercise and training by handlers at Race Course in Bengaluru...

Horses undergoing exercise and training by handlers at Race Course in Bengaluru...

A child plays in front of idols of Lord Ganesha ahead of Ganesh festival ...

A child plays in front of idols of Lord Ganesha ahead of Ganesh festival ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523