Excise duty kitty up 22 pc in August

 
“The industry is clearly showing signs of revival. The central excise collection in August has gone up by 22.7 per cent compared to last month. This indicates that there is an upsurge in growth of industry. 

Briefing reporters Central Board of Excise and Customs (CBEC) Chairman V Sridhar said “This also gives rise to hope that the target for indirect duty collection (Rs 2.7 lakh crore) would be met.” 

“There is also an increase in the customs duty collection during August. It has increased from the negative of over 30 per cent in July to a minus 28 per cent in August,” he added. Sridhar further said that the growth in excise duty collection was led by improvement in sectors like sugar that showed an increase of about 16 per cent, petroleum products that grew by about 4 to 5 per cent and cigarettes.

This surge in indirect tax collection has come close on the heel of an upswing in Direct Tax collection in the second quarter of the current fiscal (July to September 2009) reflecting recovery in the economy.

With the economy witnessing signs of recovery through upturn in key economic indicators like growth rate of Index of Industrial Production in June and July this year, as a spin off effect total collection of Corporate Tax and Personal Income Tax surged to Rs 49,502 crores in the second quarter as against Rs 20,728 crore in the first quarter of the current fiscal.

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