Press Esc to close
Saturday 25 October 2014
News updated at 9:32 PM IST
Weather
Max: 27°C
Min : 19.2°C
In Bangalore
Generally cloudy

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
Mrs. Komal Kalra Pagarani who is all set to represent India...

Mrs. Komal Kalra Pagarani who is all set to represent India...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

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