Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« General »
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners

Slowdown shows up in macro numbers
November, 12th 2008

Macro indicators of the economy have started showing early signs of an industrial slump. Customs and excise collections for October 2008 have moved into negative territory for the first time in financial year 2008-09 , declining by 5% from October 2007.

While excise duty collections a central tax levied on manufactured goods at the factory-gate level dropped by 8.7%, customs duties taxes levied on imported goods fell by 0.9% in the month under review. However, service tax a tax levied on services rendered bucked the trend, growing at 18% in September.

Excise collections have shown a declining trend since September 2008, when it fell by 3.8%. The dip in customs and excise collections indicates a slowdown in industrial activity and trade. While excise tax exemptions in some states and sectors have contributed to the fall, withdrawal of import duties on some of the bulk products like crude oil has also led to the decline.

The central government had exempted certain states like Uttarakhand and Himachal Pradesh from excise levies in a bid to promote industrial activity. The government had removed customs duty on crude and reduced import duties on petroleum products like petrol and diesel to cushion fuel customers from the impact of spiralling crude oil prices globally.

The total indirect tax collections excluding service tax stood at Rs 18,664 crore against Rs 19,646 crore in October 2007.

In an early indication that Indias manufacturing sector is slowing down, excise duty collections were down to Rs 9,399 crore in October 2008 compared with Rs 10,293 crore in October 2007. Faced with the global liquidity crunch and falling demand, India Inc has been cutting production to stay afloat.

Sectors like steel and auto are among the major sectors which have seen a drop in demand. A finance ministry official said that sectors like cement, iron and steel had shown lower collections as per preliminary data.

The fall in excise collections could impact the governments fiscal health. The finance ministry had targeted a collection of Rs 1,36,610 crore in excise duty in the current fiscal. Excise duty collections were required to grow by 9.3% to meet this target.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions