Press Esc to close
Saturday 01 November 2014
News updated at 2:02 AM IST
Weather
Max: 28.4°C
Min : 18°C
In Bangalore
Partially 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
A view of the statue of Sardar Vallabhbhai Patel on the occasion of his birth anniversary...

A view of the statue of Sardar Vallabhbhai Patel on the occasion of his birth anniversary...

Congress President Sonia Gandhi and Rahul Gandhi paying tribute to former Prime Minister...

Congress President Sonia Gandhi and Rahul Gandhi paying tribute to former Prime Minister...

Artists perform during a function on the occasion of birth anniversary of Sardar...

Artists perform during a function on the occasion of birth anniversary of Sardar...

Members of Thamizhar Vazhvurimai Koottamaippu during a protest against Sri Lankan court's...

Members of Thamizhar Vazhvurimai Koottamaippu during a protest against Sri Lankan court's...

Indian cricket players during their practice session at barabati stadium in Cuttack...

Indian cricket players during their practice session at barabati stadium in Cuttack...

Delhi Police band performs at India Gate near Amar Jawan Jyoti to salute Sardar...

Delhi Police band performs at India Gate near Amar Jawan Jyoti to salute Sardar...

Army soldiers patrolling after an IED was recovered in a gas cylinder near the Circuit House...

Army soldiers patrolling after an IED was recovered in a gas cylinder near the Circuit House...

Tourist take pictures from a boat as people bath in the Ganges river in Varanasi...

Tourist take pictures from a boat as people bath in the Ganges river in Varanasi...

Devendra Fadnavis being sworn-in as the new Maharashtra Chief Minister by Governor...

Devendra Fadnavis being sworn-in as the new Maharashtra Chief Minister by Governor...

A camel herder sits as he feeds his camels at the annual cattle fair in Pushkar, in the Rajasthan...

A camel herder sits as he feeds his camels at the annual cattle fair in Pushkar, in the Rajasthan...

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